The Supreme Court of Victoria has ordered executives of the Albright Institute of Business and Language to pay $3.59 million to a former shareholder following revelations of extensive financial misconduct and internal disputes. The ruling, delivered by Justice Michael Osborne, came after a protracted legal battle involving the college’s leadership.
The Albright Institute, which operates vocational courses in cookery, information technology, English, construction, and business across campuses in Melbourne, Sydney, Adelaide, and Brisbane, became the focus of the court’s scrutiny amid a bitter feud among its directors. The dispute centered on the ownership and management of luxury vehicles, as well as allegations of misappropriated student fees.
According to court documents, a previous agreement allotted luxury cars to directors: former shareholder Nazmus Shadat held a $343,000 Ferrari California convertible, director Imtiaj Rahman drove a Range Rover, and Abu Huraira received a loan of $100,000 toward a home purchase. Tensions escalated when Rahman sought to acquire a Lamborghini, despite Shadat’s objections related to the college’s outstanding tax liabilities.
The case also exposed conflicting accusations. Rahman and Huraira alleged that Shadat attempted to obstruct the Lamborghini lease by bribing the college’s accountant with offers up to $20,000. They further claimed to have overheard Shadat requesting cancellation of the deal due to his wife’s disapproval, a portrayal Justice Osborne dismissed as implausible.
The dispute over the vehicles escalated into litigation, with the directors suing Shadat to reclaim the Ferrari. After complying with court orders to return the car, Shadat witnessed Rahman publicly post staged photos proclaiming the car’s “repossession,” which the judge condemned as a calculated effort to humiliate Shadat.
Social media posts linked to the wives of Rahman and Huraira reveal displays of luxury cars and high-end shopping, although neither spouse was involved in legal proceedings or accused of wrongdoing.
Central to the judgment was the discovery that Rahman had established a separate entity, ANIT Aus, to divert student fees without Shadat’s knowledge. Shadat first raised concerns about financial irregularities during mediation in 2020, citing discrepancies of nearly $600,000 in enrolment fees from 2018.
Although the directors argued the college was barely profitable, bank records contradicted this claim, revealing 16 fraudulent invoices totaling $270,710. The investigation also uncovered that the college’s cleaning contractor was, in fact, an employee of Albright whose business transferred around $240,000 annually to the salaries of the directors’ wives. Additionally, the court highlighted unexplained withdrawals involving millions in cash from Melbourne ATMs.
Accounting for these misappropriations, Justice Osborne valued the college at approximately $7.79 million and ordered Rahman and Huraira to compensate Shadat for his shareholding and unpaid dividends. Failure to comply with the payment order would result in the college’s liquidation.
Requests for comment were made to Rahman, Huraira, and Shadat.