The financial woes of billionaire coal magnate Nathan Tinkler have reportedly worsened amid claims the entrepreneur has not made superannuation payments to the employees of his horseracing empire since November.
Documents from Mr Tinkler's Patinack Farm business show workers are on the verge of mutiny after several promises to make the contributions went unfulfilled, the Sydney Morning Herald reports.
One staff member reportedly said in an email there would be a mutiny if the super commitments were not honoured.
"This guy's supposed to be a billionaire, so why can't he pay people what they're due?" a staffer said.
"There's a lot of anger and frustration amongst the staff."
The Australian Taxation Office is believed to have launched an investigation into the claims.
Federal law requires employers to make super contributions at least every three months.
Patinack Farm's workers' pay slips still show the super payments but no money is arriving in their funds.
Last week newspapers reported that Mr Tinkler tried to sell his racing and breeding interests to a sheik from Qatar for $200 million but was unsuccessful.
The Newcastle Knights owner now reportedly plans to sell his 350 racehorses though Gerry Harvey's Magic Millions business.
The electronics retailer is believed to have given Mr Tinkler around $20 million in advance to help his cash flow.
Mr Tinkler's fortune was estimated at $915 million earlier this year but in a sign of his apparently unfolding demise he was unable to raise $28.4 million last week to honour an obligation to buy a stake in coal firm Blackwood Corp.
While it seems that Mr Tinkler has struggled to raise funds or sell his horseracing business recently he is far from becoming a pauper.
He still holds $778 million of shares in mining firm Whitehaven but the stock’s value has declined from $1.2 billion only four months ago.