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EXCLUSIVE: Nick Abboud Goes To The Beach

Days after the receivers of collapsed electronics chain Dick Smith launched legal action against ex-CEO Nick Abboud, he was found eating ice cream on Balmoral Beach.

Aboud who lives in a multimillion dollar home in Mosman, is also facing legal action from Dick Smith’s former bankers NAB and HSBC is refusing to comment about the latest action by the receivers who are trying to recover hundreds of millions from former directors and their insurance Companies.

Ferrier Hodgson, on behalf of Dick Smith Holdings, is seeking to recover amounts equal to Dick Smith’s 2015 interim and final dividends, and losses from the management of inventory, in a claim lodged in the Supreme Court of NSW late on Friday.

CEO and Managing Director of Dick Smith, Nick Abboud pictured in store at the Macquarie Centre, Sydney.

National Australia Bank and HSBC have also brought claims against Mr Abboud and former chief financial officer Michael Potts.

The move against Aboud, comes 16 months after Dick Smith collapsed with debts of over $400M, the directors of the Company have been served notices to appear in the Supreme Court over allegations that they breached their duties by failing to put in place adequate systems in relation to rebates and inventory management.

It’s also been alleged that the company earnings in 2015 were inflated due to questionable activates relating to the way that rebates to suppliers were manipulated.

The case against the directors was outlined in a statement of claim lodged in the Supreme Court of NSW on Friday afternoon.

The statement alleges if directors and officers had performed their duties properly, Dick Smith would have posted a loss or a substantially lower profit in 2015.

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