Gary Helou, Bradley Hingle: Former Murray Goulburn directors’ five-figure legal costs

Former Murray Goulburn bosses Gary Helou and Bradley Hingle have to cough up five-figure sums following a Federal Court ruling.

Gary Helou, a former chief executive of Murray Goulburn Co-operative, has been banned from managing corporations for the next three years.

FORMER Murray Goulburn bosses Gary Helou and Bradley Hingle have been ordered to pay five-figure legal costs in a Federal Court order today.

The Federal Court found former MG managing director Mr Helou and former MG chief financial officer Bradley Hingle broke the law by failing to inform investors that the now-defunct processor was not going to meet its financial targets.

The former corporate high flyers were ordered to pay legal costs to the Australian Securities and Investment Commission — with Mr Helou slapped with a $30,000 sum and Mr Hingle hit with a $25,000 bill.

Both Mr Helou and Mr Hingle have been banned from managing corporations the next three and two years respectively.

However, both ex-MG bosses were given permission to remain as managers of companies they currently manage.

The case relates to the controversial 2016 farmgate price “clawback” when Mr Helou was at the helm of the co-operative, which was subsumed by Canadian processor Saputo the following year.

In handing down his judgment, Justice Jonathan Beach said: “The objectives sought to be served by the continuous disclosure regime relate to the efficiency and reliability of the capital markets and the accountability of participants in those markets. Contraventions of the continuous disclosure regime are serious.”

Mr Helou’s disqualification starts today and ends on November 13, 2023.

Mr Hingle’s disqualification also starts today and ends on November 13, 2022.

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