Former Adelaide concert promoter Phil Rankine arrested, charged with 20 counts of theft
Phil Rankine, the former concert promoter responsible for bringing some of the world’s biggest music acts to SA, has been arrested and charged multiple counts of theft.
Police & Courts
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Former concert promoter Phil Rankine has been arrested on 20 counts of theft relating to $5.5 million allegedly owed to local and overseas victims.
SAPOL today said “detectives from the Serious and Organised Financial Crime Investigation Section arrested a 51-year-old man from Fitzroy today for 20 counts of theft’’.
The Advertiser spoke with prominent lawyer Greg Griffin who said “the proceedings will be vehemently defended” by Mr Rankine.
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 however, 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, including to Adelaide identities such as former Crows player Mark Ricciuto and members of the Kidman family.
Mr Griffin’s only comment regarding the matter was: “The Swiss are investors who received very strong returns for quite a period of time.’’
Mr Rankine’s financial difficutlies 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.
In June last year, the consortium of eight overseas investors, alleged in Supreme Court documents that Space Production, owned by Mr Rankine, owed them $3.975 million, put up to finance the Florence and the Machine and Phil Collins concerts.
“Production has failed or otherwise refused to make payment of the total amount of $3,975,968.50, which comprises amounts owing to the plaintiffs pursuant to its obligations under the investor agreements for the Phil Collins and Florence and the Machine concerts,’’ the court documents state.
The investor owed the most, Stelling Events, is headed up by Jim Frayling, former head of Music and Events at Wembley Stadium in London.
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Mr Rankine sold his luxury Tranmere home, listed with an asking price of $1.5 millin, in March.
SAPOL did not identify Mr Rankine, but said they had arrested a 51 year old man of Fitzroy “for 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.
“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.’’
Mr Rankine was bailed to appear in the Adelaide Magistrates Court on 12 August.
He could not be contacted.
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