FORMER Billabong surfwear boss Matthew Perrin has appeared in court charged with defrauding Commonwealth Bank of $13.5 million.
Perrin, 40, of Bundall on the Gold Coast, was charged this week with fraud following a three-year investigation by the State Crime Operations Command’s fraud and corporate crime group.
It’s alleged he defrauded the bank in 2008 by providing false documents and a guarantee relating to mortgages taken out on a home on the Gold Coast.
Police are alleging Perrin forged the signature of his now ex-wife Nicole Bricknell.
Read more: http://www.smh.com.au/business/former-billabong-chief-faces-bank-fraud-charge-20121002-26xbo.html#ixzz2GP2Rdy1M
COMMONWEALTH Bank’s fund management arm has slashed its holding in surfwear retailer Billabong as the company prepares for its fifth takeover offer in less than a year.
CBA sold 9.76 million shares in Billabong between November 28 and December 20 at an average of 80.8c each, retaining 14.9 million shares and cutting its stake from 5.1 per cent to 3.1 per cent.
The biggest tranche of shares, some 5.3 million, were sold by fund management arm Colonial First State on November 19, the day Billabong announced a takeover proposal at $1.10 a share led by Paul Naude, the head of the company’s Americas division.
http://www.theaustralian.com.au/business/companies/cba-slashes-its-stake-in-billabong-ahead-of-takeover-offer-from-us-chief/story-fn91v9q3-1226544311334
Billabong also launched a $225 million capital raising to help reduce its $325 million debt pile
Read more: http://www.smh.com.au/business/billabong-plunges-after-capital-raising-20120625-20xcu.html#ixzz2GP6sXbQL
what is interesting is that the commonwealth bank even had so many shares in a compnay clearly on the way back.
it just shows you that managed funds by even a bank are clearly risky business