In a statement, a spokesman for Kanga said caveats are routinely registered in the property-finance sector to secure loans.
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He confirmed meeting Abou-Eid, an accredited financial planner, through a professional business-networking group.
“Any business interactions between them were limited, lawful, and conducted on a professional basis, including a loan to Mr Kanga’s finance company that represented an immaterial portion of that company’s loan book, secured by the caveat in question,” the statement said.
“Mr Kanga has had no dealings with Mr Abou-Eid since 2015.”
Kanga did not respond directly to requests for comment.
In a separate case, a man Kanga met through the racing industry as a fellow owner, Tony Khoury, provided the businessman with a small, short-term loan to assist with funding a construction project 10 years ago.
Kanga’s spokesman said the loan “was repaid in full within 12 months, and there have been no further dealings between them”.
Kanga quit the $1 billion racing club as chairman after questions from The Age about the loans and the use of his car in a 22-kilogram cocaine trafficking case in 2014.
The Age does not suggest Kanga was involved in any criminal activity, and he has never been accused of any crime.
Surveillance officers working on an investigation into “high-threat” money laundering, known as Taskforce Eligo, saw one of their targets, Assam “Sam” Lababidi, attending Kanga’s then-home and borrowing his car, according to an AFP report released under freedom of information.
Lababidi was followed to a storage facility which was later raided and uncovered 22.7 kilograms of cocaine in the storage locker and $118,500 in cash.
Lababidi, who was sentenced to 12 years’ jail, said Kanga had “no involvement” in his criminal operation.
“He was like an innocent bystander. He just got caught in the crossfire [because of the car].”
Lawyers for Kanga said the pair had “no relationship” and “there was no reason for Mr Kanga to believe that Mr Lababidi was engaged in any unlawful or criminal activity” when he agreed to briefly allow Lababidi to borrow a car he was selling.
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The Age also reported last month that 24 memberships linked to Kanga and his family were purchased by a single credit card in the lead-up to the MRC’s bitter boardroom battle last year, when he seized control of the $1 billion sporting club. The MRC denied the block of memberships affected the outcome of the club’s September elections, and said they did not breach any rules.
After stepping down as chairman on Friday, Kanga released a statement saying: “In recent weeks there has been a series of public attacks directed at me personally. While I completely reject the nature and accuracy of those attacks, I do not want them to distract from the club, its members, or the excitement of the Caulfield Cup carnival.
“My decision to step aside is about putting the interests of the club and the broader racing industry ahead of my own. The MRC is bigger than any one individual, and I want to ensure the focus remains where it belongs – on racing, our members, staff, and delivering a world-class spring carnival.”
Cameron Fisher was installed as Melbourne Racing Club’s new chair during an emergency board meeting following Kanga’s resignation. Fisher was spotted smiling in the mounting yard during the presentation ceremony for winners of the second race on Caulfield Guineas day on Saturday.
When approached for comment about stepping into Kanga’s shoes, Fisher politely declined.
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