We remarked back in October that Malaysian billionaire Ananda Krishnan had saved $60.5 million selling his 25 per cent stake in salary packaging company Smartgroup through a Macquarie blocktrade before news of the pending departure of long-term CEO Deven Billimoria crashed the share price in November. But we didn't know the half of it.
On Monday, the Michael Carapiet-chaired company revealed to investors that its insurance underwriting partner was changing the terms of its relationship with the company. The effect of this is a $4 million hit to after-tax profits in 2020. The company has tumbled a further 21.3 per cent in the two trading sessions since.
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Myriam Robin is a senior writer based in the Melbourne newsroom. She has previously been a Rear Window columnist and editor, and before that reported on financial markets and media. Connect with Myriam on Twitter. Email Myriam at myriam.robin@afr.com
