In an affidavit, Mr Koletti, 38, stated that he was a part-time hairdresser until the Covid-19 lockdown in March. He said he and his wife, “who was the primary breadwinner in our family,” agreed that “in order to reduce the health risk to our family” he would quit work and “remain at home to attend to household duties [and] child care.”
He said his wife took care of all the living expenses and he had no assets, Mr Koletti said. He produced bank records to show that as of 4 December, he had only $1.95 in the bank.
As well as her house in Dover Heights and penthouse she bought for her parents, Mr Koletti said that he believed his wife owned a property in Aspen, Colorado, but he did not know the details of the ownership.
Ms Caddick’s older brother Adam Grimley, who is representing Ms Caddick in the wake of her disappearance, applied to the court to increase the $800 per week living expenses ASIC has allowed for his brother-in-law and nephew.
Mr Grimley initially submitted that his sister’s two dependents required living expenses of $20,922 per month. This did not include the $19,000 per month mortgage Ms Caddick has been paying on her Dover Heights home as she had made payments up until March 2021. The living expenses figure was downgraded after negotiations with ASIC but the revised amount was not released in court during a brief mention on Thursday morning.
A preliminary budget prepared for the court revealed that Mr Koletti’s expenses included $60 per week for cigarettes, $120 monthly in pet care, $80 weekly for pet food, plus $1350 for yearly pet insurance.
Other insurance costs included $5400 annually for home and contents, $2000 per month income protection insurance for Ms Caddick and $120 per month for her life life insurance. Additional payments included loan repayments of $19,000 per month for Dover Heights, $5000 monthly for her parents Edgecliff home, and $4700 in quarterly body corporate fees.
The budget also included $170 a week for transport and petrol plus $500 weekly supermarket expenses. Additional budget expenses included $40,000 per year in private school fees for Ms Caddick’s 15-year-old son and a further $3000 annually for school uniforms.
However, his wife’s angry victims opposed the request to increase the amount Mr Koletti and his stepson were seeking.
Sydney law firm Bridges filed an affidavit with the court saying that they represented a group of victims who had invested $13.1 million with Ms Caddick and her company Maliver.
“Our clients have instructed us to advise you that they are each hard-working Australians who invested their life and retirement savings with Maliver and are deeply distressed by the revelation that Ms Caddick has gone missing and their significant, hard-earned savings cannot presently be accounted for. Some of our clients are at, or very near, retirement. If their lifetime savings cannot be accounted for and recovered, the impact on their lives will be immediate, substantial and life-changing,” the lawyers submitted.
Mr Grimley has received approval from the court for funds from his sister’s assets to pay $66,000 in legal fees he has already incurred in the matter plus a further $50,000 for future costs.
The court also heard that Ms Caddick, using a Brisbane solicitor, assigned an enduring power of attorney to Mr Grimley in 2016.
However the validity of the document is now being questioned and an urgent hearing has been sought in the Queensland Civil and Administrative Tribunal to determine its validity.
The matter will return to court in February while the search from Ms Caddick continues.
Kate McClymont is an investigative journalist at The Sydney Morning Herald.