How Paladin's directors made $71m, then fell out

The Paladin brand has become toxic, but its two shareholders have walked away with millions from the Manus Island contract.

Paladin had been a small subcontractor on Manus before landing a $443 million government contract to provide security and other services.

Ronald Mizen and Angus Grigg

Oct 30, 2020 – 1.01pm

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When the board of controversial security firm Paladin met at the Bank of China Building in downtown Singapore in August last year, agenda item five was a key order of business.

According to minutes of the meeting filed in Singapore's High Court, that item would result in an interim dividend of $71.4 million being declared. It was to be shared between Paladin's owners Craig Thrupp and Ian Stewart.

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Ronald MizenPolitical correspondentRonald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra.

Angus GriggNational affairs correspondentAngus Grigg is an investigative reporter based in Sydney. He has worked as a foreign correpondent in China and Indonesia, and has won two Walkley Awards.