Federal Court Judge Duncan Kerr caught in Nant scheme

TASMANIAN Federal Court Judge Duncan Kerr has been caught up in the scheme to buy whisky barrels from Nant.

Australian Whisky Holdings is conducting due diligence around the purchase of the Nant distillery, including counting how many barrels of whisky are in storage.

TASMANIAN Federal Court Judge Duncan Kerr has been caught up in the scheme to buy whisky barrels from Nant, which is being bought out by Australian Whisky Holdings.

Mr Kerr said as a Judge of a Federal Court he could not comment further, but confirmed he went thirds in buying a barrel with two friends.

People who bought into Nant’s barrel buyback scheme have been raising concerns about their investments.

Justice Duncan Kerr.

Mr Kerr, a former federal justice minister, Tony Richardson and John Morgan have been told their barrel is at Nant. Mr Richardson said the men bought the barrel five years ago as “a straightforward deal, not as an investment”.

“We simply wanted a few bottles of beautiful whisky to drink,” he said.

“They contacted us nine months ago and said the barrel would be ready about now but we haven’t heard from them since. We just hope they honour the deed.”

AWY announced on Monday it had signed an agreement with the Nant Group to buy the distillery, estate and assets.

MORE: NANT WHISKY DISTILLERY IN NEW HANDS

Yesterday the Australian Securities Exchange suspended AWY’s share trading until it provided information the sale would not change the nature or size of Nant’s activities.

AWY executive director Chris Malcolm said the ASX did “not understand” the conditions of the sale.

“They see us having purchased and settled but they have not paid attention. We are in the due diligence period.

“We could still walk away from this deal if we find the hole is too big.”

Mr Malcolm said he expected the trade suspension to be lifted today.

Investors will have to wait until January to find out if their barrels exist and are full.

Mr Malcolm said he had been at Nant Estate since Monday counting barrels and fielding phone calls and emails from journalists and investors.

AWY paid $3 million for the distillery and estate and agreed to take on $5.5 million of Nant debts and liabilities, after due diligence.

Nant founder Keith Batt has previously denied speculation the firm was in financial crisis when he filed for personal bankruptcy after the collapse of his property ­development company in 2015.

Mr Malcolm could not give the number of barrels and investors other than “there are lots of them” and it would be January until he could work it out.

Mr Batt could not be contacted.

Originally published as Federal Court Judge Duncan Kerr caught in Nant scheme