Former concert promoter Phil Rankine appears in court over alleged $5.5 million fraud – and the case is delayed for 11 months
Concert promoter Phil Rankine has faced court for the first time charged with stealing millions of dollars – but the complexity of the fraud case will delay proceedings for nearly a year.
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Former high-flying Adelaide concert promoter Phil Rankine will face court again in July next year on 20 counts of theft after a prosecutor asked for an extended adjournment to prepare the “complex” case.
Rankine, 51, was arrested in June on 20 counts of theft relating to $5.5 million allegedly owed to local and overseas victims.
He is yet to enter a plea but his lawyer Greg Griffin said at the time “the proceedings will be vehemently defended”.
The police prosecutor told the Adelaide Magistrates Court that several months were needed to prepare for the case, because there were “very complex matters” to work through.
The court heard numerous victims were allegedly involved, as was electronic crime and a sum of more than $5 million.
The matter is scheduled to return to court on July 13 next year.
Mr Rankine was for many years the foremost concert promoter in Adelaide, bringing acts such as Florence + The Machine, Phil Collins and Bon Jovi to the state.
His business affairs unravelled last year, with a Supreme Court action over debts of more than $4 million claimed to be owed to a European consortium and total claims of more than $20 million, allegedly owed to people including Adelaide identities such as former Crows player Mark Ricciuto and members of the Kidman family.
Mr Griffin’s only comment regarding the matter in June this year was: “The Swiss are investors who received very strong returns for quite a period of time.’’
Mr Rankine’s financial difficulties came to light in May last year when one of his companies, Space Touring, lost a Federal Court bid to have a debt claim set aside.
Duxton Entertainment, part of Ed Peter’s Stirling-based Duxton investment group, was acting as financier for shows such as Supertramp and The Prodigy, the court heard at the time, with the company putting up an advance to finance shows, and both companies sharing the profits, or losses, from each event.
Duxton prevailed in the matter, leading to an opening for Space Touring to be wound up, which it later was.
Another of Mr Rankine’s companies, Space Events, was promoting the Elton John concerts held late last year, which were taken over by Chugg Entertainment when Events failed.
A creditor’s report into three of Mr Rankine’s companies, released in August last year, estimated as much as $20 million could be owed to investors and trade creditors.
At the time a preliminary examination of Mr Rankine’s affairs showed his businesses had no money in the bank and no substantial assets, the administrator said.
Mr Rankine sold his luxury Tranmere home, listed with an asking price of $1.5 million, in March.
SA Police said in June a 51-year-old man of Fitzroy had been charged with 20 counts of theft.
“The offences were committed between 2018 and 2019 and involved numerous victims from South Australia and overseas totalling $5,569,575,” police said.
“It will be alleged the man committed the thefts by obtaining money from the victims which was to be used for various high-profile Adelaide events.
“Serious and Organised Financial Crime Investigation Section Detectives are continuing the investigation and further charges may be laid.’’