The Fall of a Culinary Venture: Reynold Poernomo’s Business Collapse
The culinary world has witnessed its share of meteoric rises and dramatic falls, and the recent collapse of one of Reynold Poernomo’s businesses is no exception. Known as the “King of Desserts” from his time on MasterChef, Poernomo’s venture, Arnoldpo Corporation Pty Ltd, which operated as Monkey’s Corner in Chippendale, was placed into liquidation on May 28. This development comes just over a year after the venue shut its doors in March 2024, following seven years of operation.
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Founded in 2017 by Reynold and his brothers Ronald and Arnold, Monkey’s Corner was initially envisioned as a small-plate bar and restaurant that would captivate the Sydney dining scene. At the time of its closure, the team hinted at future plans for the site through a social media message, suggesting they were “cooking up something new.” However, no new venue has emerged from these plans, leaving many to wonder about the future of the space.
According to documents filed with the Australian Securities and Investments Commission (ASIC), the company owes more than $500,000 in outstanding debts. Of this amount, over $450,000 is owed to the Australian Tax Office (ATO), while $76,000 relates to unpaid staff superannuation. Additional creditors include Sunnyside Financial Group and ASIC itself, with combined debts exceeding $5,000.
Henry Kwok and Antony Resnick from dVT Group have been appointed as liquidators to oversee the winding down of operations. This liquidation follows a series of financial restructures involving Poernomo’s other business ventures. In 2024, Art Plate Pty Ltd, operator of his acclaimed Koi Dessert Bars, underwent a corporate restructure. Another company, JRP Desserts Pty Ltd, also oversees Koi operations, with Reynold’s eldest brother Ronald and mother Ike Malada listed as directors.
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Despite these setbacks, Poernomo continues to run his dessert empire. Koi Dessert Bar now boasts three locations: Chippendale and Ryde in Sydney, and one in Melbourne’s CBD. Here, he serves elaborate and visually striking cakes that have become synonymous with his brand. However, former employees have come forward to express their concerns about unpaid wages, speaking to The Daily Telegraph on the condition of anonymity.
“We are chasing what we are owed and it’s become very stressful and toxic,” one staff member revealed. Many employees have left the organization, highlighting the impact of the financial difficulties on those who once contributed to the success of Poernomo’s ventures.
As investigations continue and the liquidation process unfolds, all eyes remain on Reynold Poernomo and his dessert empire. The situation underscores the complexities of running a successful business in the competitive culinary landscape, where even the most celebrated chefs can face significant challenges.
