Defence Minister Peter Dutton bankrolling his own defamation suit
The delicate matter of just who foots the bill for the growing number of politicians pursuing defamation claims is at least a little clearer this week.
Defence Minister Peter Dutton has cleared the air, confirming that he and he alone is responsible for legal fees in his case against refugee campaigner Shane Bazzi.
Dutton, who appeared before the Federal Court in the virtual dock for just over half an hour on Wednesday, brought the case against Bazzi in relation to a now-deleted tweet describing Dutton as a “rape apologist” earlier this year.
Questioned by his barrister Nick Ferrett QC, the minister described his previous career as a police officer in Queensland before going on to tell the court the defamation proceeding, his first, had been triggered after the “horribly offensive” six-word tweet.
Dutton noted that he was used to the “rough and tumble” of his various high-profile cabinet roles, but that “this (tweet) went beyond that and it went against who I am and my beliefs”.
It was that rough and tumble that saw his former cabinet colleague Christian Porterresign from his industry ministry only weeks ago for his unwillingness to disclose donors to a blind trust for his own defamation proceedings against the ABC.
Eliminating any doubts, Margin Call has word Dutton is indeed the sole contributor to his ongoing legal battle, which, after mediation in August and now hearings over several days, is thought to be well into the tens of thousands of dollars.
The Defence Minister becomes a part of a select few to bankroll their own cases, with outside assistance or even pro-bono legal services a more regular occurrence.
Recall that former PM Tony Abbott years ago received free legal advice from prominent law firm Arnold Bloch Leibler and its influential lawyer Leon Zwier in the defamation case brought against him by unionist John Setka.
Zwier was also tapped by Labor member for Maribyrnong Bill Shorten in 2015 as Shorten he waded through Dyson Heydon’s trade union royal commission, for which Zwier was singled out in Shorten’s concession speech at the last federal election.
More recently, Greens senator Sarah Hanson-Young’s successful lawsuit against David Leyonhjelm was crowdfunded to the tune of $62,000, with details of her hundreds of donors, including the likes of Janet Holmes a Court and the ABC’s Julia Zemiro, only recently updated to the parliament.
Bazzi, who Dutton noted had a “blue tick” verification on Twitter, has taken a similar path, crowd-funding his defence with the help of outspoken NSW Greens MP David Shoebridge.
The campaign garnered support well above their $150,000 goal, any balance of which is slated for various refugee charities.
After the numerous appearances of the respective legal teams to date and with further hearings slated for the next two days, however, it’s unlikely Dutton or Bazzi will be left with much spare change.
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Wynne-win in west
When it comes to the wild west, it seems the American private equiteers are in for a good time rather than a long time, at least in the case of global human services and healthcare outfit Advanced Personnel Management Group.
APM is preparing to float its West Perth-headquartered operations, which span 10 countries, in what is being touted as a $1bn offering to value the Megan Wynne-founded group in the order of $3bn.
Mid-last year American private equity firm Madison Dearborn Partners swept into Oz and bought a 55 per cent stake in APM that was owned by local PE group Quadrant, led by industry veteran Chris Hadley.
Until then, MDP had done most of its deals on home soil and now appears to want to revert to that mode of operation, with reported plans to reduce its stake via the float to about 30 per cent.
APM is a WA success story. Its advisory board comprises the likes of former Australian first lady and millionaire businesswomanTherese Rein, who used to own employment services group Ingeus, which was bought by APM from its then US-based owner Providence in 2018 after Quadrant came in and decided to beef things up.
Also on the APM advisory board is former Fortescue boss Neville Power, who was chair of Scott Morrison’s National Covid-19 Commission Advisory Board until the PM declared that the crisis had passed and disbanded the group.
Also on the APM board is former WA treasurer Ben Wyatt, adding to what is already quite a handful of positions he’s amassed since his retirement from politics only six months ago.
The business is run by former EY managing partner Michael Anghie, who has a slice of stock in the soon-to-be-public group, while founder Wynne has something like 35 per cent of the company that she is retaining.
Wynne’s wealth was last valued in a list of Australia’s wealthiest women at more than $370m, though APM’s disclosures at listing will provide further insight into that.
Perth medical entrepreneur Bruce Bellinge also has a stake of more than 10 per cent, after providing debt funding to the group some years ago that was converted to equity.
And look who has just joined the group – Stephen Fewster, the husband of Perth businesswoman Maryna Fewster, who runs Seven in the west for billionaire Kerry Stokes and is also a director of Crown’s Burswood, which is the licensee for the Perth casino.
Fewster joined APM as group finance director earlier this year from his executive role at Fortescue.
He looks to have signed on to a deal that includes a swag of APM equity, so just like the selling-down Americans from MDP, Fewster will be looking for the float to fly as well.
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Tabcorp boss’s jackpot
It was pretty much a million-dollar day at the office on Wednesday for enduring Tabcorp chief David Attenborough.
And unlike the mug punters that fuel $5.7bn a year in revenue at Attenborough’s wagering, media and gaming giant, the veteran almost 11-year boss didn’t have to outlay a cent for his almost seven-figure win.
About 15 months ago, Tabcorp announced that Attenborough, who started with the group as wagering boss in April 2010, would leave the $11bn giant in the first half of 2021. But the British businessman is still in the top job after the board called off the search for his replacement as new chair Steven Gregg ordered a strategic review of the company’s future.
Attenborough has agreed to stay in the top job until a demerger of Tabcorp’s $10bn lotteries and Keno business from its wagering and gaming operations can be completed, with his enduring tenure sure to be worth Attenborough’s while.
On Wednesday, Tabcorp told the market that the boss’s holding of ordinary shares had increased from 1.78 million to 1.96 million following vesting of stock under various management incentive schemes.
The net outcome was an increased holding of just under 183,000 shares worth about $900,000 at Tabcorp’s $4.95 closing price.
The boss’s total Tabcorp stock is worth about $9.75m, without even getting into what are Attenborough’s 1.3 million unquoted performance rights.
And there is more on the horizon.
Tabcorp shareholders will be asked at the company’s October 19 annual general meeting to approve the proposed issue of a further $3m worth of performance rights to Attenborough under the company’s long-term performance plan.
All of which sure beats any day at the races.
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