Seven’s superannuated billionaire patriarchKerry Stokesis prepared to spend in legal bills on his former employee’s behalf. And at last year’s Walkleys,a table of Seven’s senior journos remained seated while the rest of the room gave this masthead’sNick McKenzieandChris Mastersa standing ovation over their reporting on BRS.
Other Seven talent remain in Roberts-Smith’s orbit. Later this month,the SAS Resources Fund,a charity created by Stokes to support veterans of that elite unit,will hold its $230-a-head gala dinner at the MCG’s Members’ Dining Room,with Sunrise presenterMark Berettaon hosting duties,and a yet-to-be-announced panel of Australian sports stars providing entertainment.
Roberts-Smith is one of the fund’s ambassadors and Stokes,a devoted supporter of the elite unit and co-founder of the charity,stepped away from its board of trustees last September after 25 years. And just to complete the trifecta of Westralian billionaires,Andrew “Twiggy” Forrest’sFortescue andGina Rinehart’sHancock Prospecting are both sponsoring the event. Rinehart donated $1.5 million to the fund a few years ago and Twiggy is on its board of trustees. What is it about those three?
With all the bad press following evidence that emerged in Lehrmann’s defamation trial,and the heads rolling at Seven,you’d think now might be time to get as far from BRS as possible. Surely.
RUDDOCK RERUNS
There’s been much hand-wringing about the United States’ descent into gerontocracy,what with the rematch between 81-year-old Joe Biden and 77-year-old Donald Trump in this November’s presidential election.
But CBD’s eyes are firmly on a political contest closer to home.
We’re talking about the battle for the mayoralty of Hornsby Shire Council,where there’s strong chatter among locals about Howard-era Immigration Minister and Liberal Party elder statesmanPhilip Ruddockrunning for another term at this September’s election.
Ruddock declined to comment on all this,with the party still vetting candidates for the local government elections.
At 81 years of age,and just five months Biden’s junior,Ruddock,who’s been mayor since 2017,is no spring chicken. And like the current occupant of the Oval Office,he’ll be 85 by the time his term ends,should he be re-elected.
But many local Liberals urging Ruddock to recontest don’t seem too fussed about his age. And without a rival like Trump to contend with,the future of Australian democracy doesn’t exactly hinge on his success in Hornsby.
BATTERY CHARGE
Don’t look now,but ASIC is back onFrank Poullas′ case. And this time the corporate regulator appears to mean business in its pursuit of Magnis Energy,once the next big thing in batteries,and its chairman Poullas with ASIC launching court action claiming both failed to make relevant market disclosures over the performance of its lithium-ion battery plant in New York.
Frank PoullasJohn Shakespeare
The factory was Magnis’ flagship project,but the company’s claims that the venture would deliver huge returns with revenues of more than $1.8 billion by 2027 have come to nothing,with the project now in deep strife as its lenders seek control.
ASIC’s Federal Court action concerns claims by Poullas and Magnis between 2021 and 2023 that the plant was fully funded and on track for automated production capacity of 15,000 battery cells a day by the end of 2023. But by January that year,ASIC claims,the company knew perfectly well that just 300 cells were being produced per day using a slow and costly production process,and that Magnis and Poullas took their sweet time telling the market about problems in New York.
The regulator’s chairman,Joe Longo,said on Tuesday that it all amounted to conduct that was “misleading or deceptive”.
But this matter will take some watching;ASIC took a good look at Poullas and Magnis back in 2021 in relation to suspicions of “pump and dump” share trading activity,but the investigation went nowhere.
Poullas didn’t have a lot to say following news of the Federal Court action,responding with a curt statement.
“The Company will examine the statement of claim in conjunction with its legal advisers and will keep the market informed as required,” it read.
LATE SCRATCHING
CBD brought word last week that former deputy Liberal leaderStuart Ayreshad finally landed a new job as chief executive of the Urban Development Institute of Australia’s NSW branch.
And while he hasn’t even started up yet,a few members were reading the tea leaves when Labor’s Deputy Premier,Prue Car,pulled out of a planned UDIA lunch event on Tuesday at the eleventh hour,sending Finance MinisterCourtney Houssosin her stead.
Now,while Ayres didn’t have the best relationship across the aisle,we hear Car’s snub was a matter of scheduling. With PremierChris Minnsspending time with his father,who suffered a heart attack on Monday night,Car was forced to take on some of his duties,skipping the lobby group’s event to attend a funeral for one of the victims of the Bondi Junction attack. In the scheme of things,probably a more important place to be.