Stokes bankrolled Roberts-Smith’s defamation lawsuit against Nine,owners of this masthead,through a loan from his private company Australian Capital Equity. Last June,Federal Court judgeAnthony Besanko dismissed the lawsuit,finding the newspapers proved on the balance of probabilities that Roberts-Smith had murdered four unarmed Afghan prisoners.
Kerry Stokes is betting it all on Ben Roberts-SmithJohn Shakespeare
With Roberts-Smith’s appeal kicking off before the Full Federal Court next week,it’s worth taking a closer look at just how much Stokes could be spending on his number one boy. Last year,Stokes agreed to pay this masthead’s legal costs on an indemnity basis,essentially a higher proportion of the bill than a standard costs order.
That decision,which essentially stymied the release of thousands of emails between Stokes,his consigliereBruce McWilliam and Roberts-Smith’s lawyers,will put the billionaire on the hook for about $16 million.
But there’s more. Thanks to a provision of the Federal Court Act,those costs accrue interest from the date of the order (last June) to the day they’re paid at a very generous current rate of 10.1 per cent a year. Roberts-Smith’s appeal hearing will take around 10 days (very long for these things),meaning a judgment might not be delivered until early 2025,with final costs orders determined a few months after that.
If that appeal fails,Stokes will have to pay an additional $3 million or so more in interest,plus the $910,000 in security lodged to cover the newspapers’ costs for the appeal. Adding our best guess of what Roberts-Smith’s own astronomical legal bills are,the billionaire could be spending well north of $30 million. And that’s if this doesn’t go all the way to the High Court.
Stokes has always had a slightly unhealthy obsession with the SAS and Roberts-Smith. It might cost him more than the average punter will see in a lifetime.
PARTY ANIMALS
Later this month,the warring clans of the NSW Liberal Party will get together for its biennial state council meeting. It promises to be a fun-filled affair. Top of the agenda is picking a new state president to replace former Mackellar MPJason Falinski,who’s stepping down.
Rumours are that Falinski could be up for a rematch with Teal independentSophie Scamps up north. But there are a few more names in that electoral mix.James Brown,Malcolm Turnbull’s former son-in-law and two-time preselection hopeful,bought Wentworth MPAllegra Spender’s holiday home at Great Mackerel Beach in the electorate last year. Former transport ministerRob Stokes’ name is also being whispered about.
As for the new president,rumours that former deputy leaderStuart Ayres could get the nod might be going cold. CBD hears party elder and former arts ministerDon Harwin has moderate backing. TreasurerMark Bailie,who is also chair of the United States Studies Centre,has the backing ofJohn Howard,we’re told.
The presidential vote might not even be the most exciting part of the meeting. There’s a motion to reinstateMatt Camenzuli,the conservative powerbroker expelled after he unsuccessfully tried to takeScott Morrisonto the High Court over preselections in 2022. There’s another motion brought by Camenzuli’s associates to expel former ministerAlex Hawkeover the same preselection civil war.
We don’t tip either to succeed.
QUIET AUSTRALIANS
Throughout last year’s Voice to parliament campaign,the internet-trolls-turned-leading-No-campaigners Advance Australia pushed a narrative about standing up to nosy elites trying to thrust Constitutional change upon us.
Lucky for us,we have (admittedly weak) political donations laws to keep them honest,with much attention falling on a $1 million donation from mysterious Perth-based Hadley Holdings.
There was also ample financial support from Advance’s usual backers in the big end of town. Key funder and financierSimon Fenwickgave $400,000,storage supremoSam Kennard coughed up $125,000 through his companies,Melbourne Storm directorBrett Ralphcontributed $50,000 and Vitamin mogulMarcus Blackmorechipped in $25,000,Energy baronTrevor St Bakergave $50,000.
TheO’Neil family,an old money fixture in eastern suburbs harbourside high society (yes that’s still a thing) contributed their generous backing to the tune of over $100,000.
But a few lesser-known but equally well-endowed donors stood out. Advance got $30,500 from Bakers Delight co-founderRoger Gillespie.Investor andShark Tank reality show starSteve Baxtergave $20,000. Accounting firm founderRonald Pitcher,AM,gave $32,500 – when you’re getting cash from AMs you know you’re playing with elites.
Warwick Morris,a former Macquarie executive with senior roles in the mining sector parted ways with $30,000. Then there was a cool $50,000 fromPeter Vial,former owner of fashion label Elwood. AndKen Warriner,a pastoralist and close mate of the lateKerry Packer,found a spare $20,000.
Not bad at all for a bunch of quiet Australians!
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