Lark Distillery company’s share price falls amid alleged meth video scandal
The now former director of a Tasmanian distilling company claims he was a victim of extortion after video emerged online of him allegedly smoking meth. WATCH THE VIDEO >>
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The now former CEO of Lark Distillery who resigned after video of him smoking from a pipe surfaced online has spoken out, saying he’s remorseful and a victim of crime.
Geoff Bainbridge resigned after the compromising video was released to media outlets.
In the video, he can be seen smoking from the pipe and blowing into the camera.
In a statement released on Wednesday, Mr Bainbridge said the incident took place while he was travelling overseas, prior to his appointment as CEO of Lark Distillery.
“I have resigned as the CEO of Lark Distillery following the release of content showing me engaging in illicit drug use,” Mr Bainbridge said.
“I attended a gathering with people I didn’t know and don’t remember much more about that night.
“However, the next morning I was played footage which made it clear I had been set up as part of a shakedown.”
Mr Bainbridge said what followed was the start of continued extortion, which recently escalated.
“After paying my extortionists, I sought advice from a London-based threat assessment agency and ceased responding to the extortionists’ threats,” Mr Bainbridge said.
“This resulted in video imagery being released to several media outlets.”
Mr Bainbridge said he resigned to reduce the damage to his and Lark Distillery’s reputation.
“Although I consider myself a victim of a crime, I accept that I am also responsible for the circumstances I find myself in,” Mr Bainbridge said.
“Ultimately, I put myself in a situation I shouldn’t have been in.
“I’m a victim of extortion but that wouldn’t have occurred without my poor judgement.
“I am deeply remorseful for my own actions.″
Lark Distilling Co's share price dropped by 20.2 per cent on Wednesday, down from $4.55 to $3.63.
The Hobart based company, which runs several distilleries advised shareholders of Mr Bainbridge’s resignation on Wednesday, citing personal issues.
“Lark Distilling Co. Ltd advises that managing director and CEO Geoff Bainbridge, had tendered his resignation effective immediately to enable him to manage a personal matter that was brought to the attention of the Board on the afternoon of 15 February 2022,” the company said in a statement.
In its statement to shareholders, Lark Distillery said non-executive director Laura McBain would take on the role of interim managing director.
Ms McBain had previously been involved with former Tasmanian owned infant formula producer Bellamy’s.
“Laura was the CEO and managing director of ASX listed Bellamy’s Australia Ltd from 2014 to 2017, prior to which she was CEO General Manager since 2007.
“During her years with Bellamy’s, Laura oversaw significant change innovation and business growth, including expansion into South East Asia and China.
“Prior to joining Bellamy’s, Laura practised as an accountant in both Sydney and Tasmania.”
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