Former Crown chair Robert Rankin the subject of ASIC investigation

Former Crown Resorts chairman Robert Rankin. Picture: Marie Nirme

The Australian Securities & Investments Commission is formally investigating the conduct of former James Packer right-hand-man Robert Rankin during his time as chairman of Crown Resorts.

Margin Call understands that following formal referral of Rankin’s conduct during his time at Crown by the NSW gaming regulator last year, Joe Longo’s corporate watchdog now has a live investigation running into the former UBS and Deutsche bank high-flying adviser.

On Wednesday ASIC was circumspect on the matter of Rankin, with a spokesman declaring that “ASIC’s investigations into Crown are continuing”, but declining to provide any further comment on its investigation into Rankin specifically.

Meanwhile, the NSW Gaming Regulator, which commissioned Patricia Bergin to conduct her 2020 inquiry into Crown in Sydney, was more open. “The Independent Liquor & Gaming Authority referred the conduct of Robert Rankin, former chairperson and director of Crown Resorts Limited, to the Australian Securities & Investments Commission for consideration in March 2021,” an IGLA spokesman said.

Margin Call understands that Rankin, who remains a director of Charlie Aitkin’s Aitken Investment Management and still owns historic multimillion-dollar mansion Woodlands in Sydney’s Woollahra, has not been issued with any so-called “no further action” letter by the corporate regulator, indicating that the investigative process remains on foot.

Readers will recall ASIC ­issued former AMP chair Catherine Brenner with such a notice in August 2020 following its investigation into her conduct at the insurer following Kenneth Hayne’s banking royal commission.

Rankin spectacularly refused an invitation issued in July 2020 to appear before Bergin’s Crown inquiry and has defend his ­actions while the casino group’s boss.

He is believed to have been confidently telling associates in his now home of London that he was free from any further legal action relating to his time at the then Packer-controlled casino empire.

A new broom has since swept through the gaming giant, which is run by Steve McCann and chaired by Ziggy Switkowski. Earlier this week the Crown board recommended an $8.9bn takeover via scheme of arrangement for the group by international investment giant Blackstone.

Margin Call’s efforts to speak to Rankin about the ASIC investigation had received no response by deadline.

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Taylor intrigue

Fresh disclosures from Energy Minister Angus Taylor are always a reason to sit up and take notice, with his filings to the parliamentary register often yielding more than meets the eye.

And the latest revelations from the former McKinsey consultant and now Liberal MP, who is married to public and employment law barrister Louise Clegg, appear to be no exception.

Taylor, whose past disclosures have often posed more questions than they answer, has added another layer to his already complex web of private affairs.

The power couple, who live in Goulburn and also maintain a residence in Sydney’s eastern suburb of Edgecliff, already have one family trust – aptly named AJ and L Taylor Family Trust.

But they have now seen fit to add another – Maclaughlin River Land Trust No 1 – to their portfolio of interests.

Taylor, Clegg and their pre-existing company Gufee Pty Ltd have beneficial interest in the trust, which has been accompanied by the creation by the couple of a fresh company, Maclaughlin River Holdings No1 Pty Ltd.

The pair’s Gufee vehicle is a shareholder in a range of other investments, which do not make the cut on Taylor’s disclosures.

Energy Minister Angus Taylor. Picture: NCA NewsWire/Gary Ramage

Many will recall that Taylor, via investment company Gufee, is a shareholder in another company called Jam Land Pty Ltd, of which Taylor’s brother Richard Taylor is a director.

In a controversy extending some years, Jam Land was found by a ministerial review to have illegally cleared protected grassland in Corrowong, but the company has recently filed a legal challenge in the Federal Court to the validity of the review and its order for the company to remediate the land.

But back to the new addition, Maclaughlin River Holdings No1 Pty Ltd, which Margin Call so far can’t see owning any property.

However, it did remind us to check on how things were unfolding at the couple’s Maclaughlin River Pastoral Company Pty Ltd, created in mid-2019 and of which Clegg is a director. The Taylors have a stake in this company also via their Gufee.

There has, we are pleased to report, been movement at that station, with Maclaughlin River Pastoral Company recently paying $860,000 for a parcel of land at Bemkoba, which is on the Snowy Mountains Highway, in the Bega Valley Shire.

You won’t see the land buy on Taylor’s disclosure, though, because the ownership is set up via the company part-owned by Gufee, so it’s indirect, removing the need to tell voters anything about it.

We look forward to further developments.

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Un-electing Angus

Still in his electorate of Hume, held since 2013, Angus Taylor is facing opposition from grassroots organisation Vote Angus Out.

The group’s purpose is pretty self explanatory – to “un-elect” Taylor from parliament.

Illustration: Rod Clement

The group isn’t proposing any specific alternative candidate to Taylor, but has a whole lot of reasons why members think Taylor’s “no friend to farmers”, among a range of other reasons why he doesn’t represent the constituents of Hume.

It’s early days in the Vote Angus Out campaign, but already there’s hoodies, stubby holders, T-shirts, masks and tote bags folks can buy in support.

Disclosure to the Australian Electoral Commission earlier this month revealed the group had so far received almost $30,000 in financial support for their cause and spent a bit over $27,000 despite the fact that Scott Morrison is yet to even disclose the election date.

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Bioshares back on

After two years of Covid-19 cancellations, the nation’s leading biotechnology and life-sciences chief executive conference, Bioshares Summit, is back on and will take place in Albury on May 11 and 12.

However, it will be a somewhat forlorn affair after long-time Bioshares part-owner and popular biotech analyst David Blake died of cancer in November, with the running of the event now left to his business partner Mark Pachacz.

Bioshares’ David Blake died of caner in November.

Meanwhile for the sector’s 160 ASX-listed biotech and life-sciences CEOs and executives there will be a chance to get out and compete for the newly created Bioshares golf trophy featuring a golfer lining up to hit a coronavirus. The golf tournament for the biotech CEOs and executives will take place at Thurgoona Country Club, NSW, near Albury. The trophy was commissioned by newly appointed golf organiser for the conference and Melbourne public relations guru Rudi Michelson from his biotech PR outfit Monsoon Communications.

Robert Rankin

Angus Taylor

Bioshares Summit