Ian Harper wishes upon quieter ACCC tsar Rod Sims

Cartoon: Peter Nicholson

Competition policy review boss Ian Harper has a simple message for ACCC tsar Rod Sims: shut up.

Buried near the back of the voluminous Harper panel report, released yesterday, is a section setting out exactly how much Harper would like Sims to turn down the volume.

Apparently prompted by the Business Council of Australia, Harper complains that the ACCC “can cross over into advocacy of particular policy positions” and says it should establish a “media code of conduct” governing its relations with the fourth estate.

The sale of NSW’s electricity network was a big issue in last Saturday’s state election, and Sims has been warning that state governments who privatise assets in a way that limits competition are doing it wrong.

Sims won’t shut up. “It’s a crucial part of what we do,” he said. “We’re the competition regulator — I think we should be an advocate for competition.”

Harper also wants ACCC commentary on court cases cut to “a formal media release confined to stating the facts” — contrary to Sims’s current practice of embarking on a media blitz when launching major litigation.

But Harper’s idea isn’t even original. It’s lifted verbatim from the Dawson review, back in 2003. Then-treasurer Peter Costello thought it was a grand idea, but it was never brought in.

Nonetheless Sims insists the Harper report is “terrific” — although he’s “concerned” about proposals watering down anti-cartel laws.

Sounds like a “particular policy position” to Margin Call.

Shaking down Tinkler

US financiers of Singaporean bogainaire Nathan Tinkler have joined other creditors taking legal action in a bid to shake shekels loose from the former coal baronet — but is there anything left to nab?

New York-based Jeffries Group has asked the NSW Supreme Court to wind up nine companies associated with the highly geared former electrician’s Patinack Farm horseracing empire.

However, one key asset, a 447ha sprawl of polo fields and thoroughbred training facilities out the back of the Gold Coast, has already bolted the Patinack stable. Hong Kong billionaire Tony Fung took legal ownership of the land a fortnight ago, and the proceeds, believed to be about $15 million, were handed immediately to retailer Gerry Harvey. Harvey had a first mortgage over the land after lending about $60m to Tinkler.

“Now he only owes me $7m,” Harvey said.

There was nothing left from the sale for other Tinkler creditors who’d also registered caveats over the land, including Jeffries and the tax office.

Separately, wind-up proceedings against Tinkler Group Holdings brought by law firm Ashurst were yesterday adjourned by the NSW Supreme Court. It’s not clear if Ashurst’s action is related to its previous role representing hedge fund and Tinkler enemy Farallon.

Liquidator Anthony Matthews already has control of Patinack Farm Administration, which employed workers at Tinkler’s horse empire and at last count owed about $4m.

Leave of absence

Huan Jun Kang probably isn’t what you could describe as a hands-on director.

Kang sits on the board of ASX-listed cash box Moly Mines, but according to the company’s latest annual report attended exactly zero of 13 board meetings held last year.

Nonetheless, he still collected $75,000 in director fees.

Kang represents Moly Mines’ major shareholder, China’s Hanlong Resources, the company at the centre of Australia’s biggest ever insider trading investigation after execs allegedly bought shares in takeover targets Sundance and Bannerman. Hanlong founder Liu Han was executed in China last month after being linked to a crime syndicate.

If Kang eventually makes it to another board meeting, he may need some introductions. No less than 24 directors and executive officers have been through Moly Mines over the past two years.

Waltzing Hawke

Will Bob Hawke ever stop inflicting his rendition of Waltzing Matilda on audiences? The former PM belted out three verses and a dirty joke at a cocktail party thrown by Fortescue Metals Group in Hainan, China, on Saturday night as part of the Boao Forum.

Witnesses to the shindig turn cabaret included Finance Minister Mathias Cormann, Opposition Leader Bill Shorten (with wife Chloe), Future Fund chairman Peter Costello, former foreign minister Bob Carr and the secretary of the department of finance, Jane Halton.