Sunday 12th of May 2024
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the power of the box office .....

the power of the box office .....

The criminal case against gravely ill billionaire Richard Pratt has been dropped by the Australian Competition and Consumer Commission because of his terminal illness.

Mark Dean, SC, said it became apparent on Friday when Mr Pratt's lawyers spoke of his illness in open court that the prosecution should be discontinued.

Mr Pratt faced charges of misleading the ACCC at a hearing in 2005 when he denied he had been involved in price fixing.

Speaking outside court, lawyer Mark Liebler said the case had shortened Mr Pratt's life.

"I think he will at least pass into the next world knowing he has been vindicated and he is innocent," Mr Liebler said.

http://www.smh.com.au/national/charges-against-pratt-dropped-20090427-akec.html

for those with short memories …..

Richard Pratt, one of Australia's richest men, has the titles cardboard mogul, disgraced billionaire, philanthropist and football club president regularly attached to his name.

The 74-year-old son of Polish immigrants had his fortune estimated at $5.48 billion in the 2008 BRW Rich List, placing him behind Andrew Forrest, Frank Lowy and James Packer.

In 2007 he was convicted, along with his company Visy Group, of colluding with competitor Amcor to fix prices for cardboard boxes.

The Federal Court fined the tycoon and Visy $36 million following a cartel prosecution brought by the Australian Competition and Consumer Commission.

Last March, he voluntarily handed in his companion and office of the Order of Australia medals.

http://www.smh.com.au/lifestyle/people/the-rise-and-falls-of-richard-pratt-20090421-ad7m.html

fool me once, shame on you; fool me twice, shame on me .....

from Crikey .....

Sorry John Howard, but Richard Pratt does not deserve the posthumous return of his Order of Australia.

Much has been made of the amount of money Pratt gave to worthy causes. But here are some other sums that have been forgotten in the rush to eulogise the man.

Visy and Amcor agreed over five years to raise prices by 8-15%, for products that are at the heart of the economy, used in virtually every sector and industry. Visy and Amcor together form 97% of the cardboard and plastic bottle industry.

By one estimate, the cartel cost the companies’ customers $700m. Much of that, perhaps $300m, was passed on to downstream customers - you and me.

Cadbury-Schweppes, in an action that will be in the Federal Court from Monday, is suing the other party in the cartel for more than $120m.

Richard Pratt was involved in one of the biggest rip-offs in Australian history. The trial judge called it "the worst cartel to come before the courts in 30-plus years" and said Pratt was "knowingly concerned" in it and sanctioned it.

Pratt was previously fined for anti-competitive conduct in the 1990s. He was a repeat offender.

The politicians rushing to praise Pratt should ask small businesses, like fruit and veg growers who depend on cardboard products, how they feel about Pratt.

Pratt was right to hand back his honour. Crooks don’t deserve the Order of Australia, and he admitted to being a crook - on a colossal scale.

Oh, and two other numbers. In 2007, Richard Pratt gave $100,000 to the ALP and $200,000 to the Liberal Party. No wonder they love him.

the value of giftpacks .....

Richard Pratt ranked as one of Australia's richest men after building the Visy packaging empire. However, he died seemingly without a penny to his name. At least that's what his former lover, Shari-Lea Hitchcock, of Watsons Bay, and their daughter, Paula, have discovered.

PS has learned of a barrage of lawyers' letters, fired off between Hitchcock's legal team and the various legal firms - at least three - brought in to handle Pratt's estate.

Hitchcock has told friends the lawyers are telling her that Pratt died without any assets in his name. Instead his assets belong to a series of trusts, which do not name Paula as a beneficiary.

''That's not what Richard would have intended,'' one of Hitchcock's friends told PS this week.

From within Pratt's empire word is ''Richard wanted Paula to be looked after and she will be''.

Indeed Pratt went public with his intention to secure Paula's future in 2007. To what extent has never been disclosed.

Probate is yet to be granted for Pratt's will. However, Hitchcock (pictured below) is not happy with the initial $15 million in cash and property, including their Watsons Bay home and South Coast farm, left to the 11-year-old and to her.

http://www.smh.com.au/lifestyle/people/a-matter-of-trust-20090731-e4kc.html