Innovation

Stan Perron to rake in Rinehart’s millions, Origin VIPs

Jaclyn Densley /

Stan Perron to rake in Rinehart’s millions. We all know disputes involving Gina Rinehart can last a long time. But no one knows this better than Perth businessman Stan Perron.

Perron stands to receive iron ore royalties worth tens of millions of dollars after settling a dispute with Rinehart that goes all the way back to 1959, according to The Australian Financial Review.

The dispute concerned a 500 pound investment made by Perron to Rinehart’s father Lang Hancock and Peter Wright more than half a century ago. It was settled confidentially yesterday, days prior to the start of a Supreme Court trial concerning the matter.

A statement from the Perron Group revealed the two parties had reached an agreement entitling Perron to a 15% interest in certain Pilbara region mines.

Too bad Perron didn’t invest the full 1000 pounds he was originally asked for. That would have given him a 30% stake in the underground riches originally mapped out by Hancock and Wright.

Southern State of Origin. Those in the northern states will be well aware of rugby league’s annual State of Origin carnival kicking off tonight, but what about the heathens south of the border?

Well, you would hope they’d know, given the first match is being held in AFL territory in Melbourne, but judging by the VIPs heading along it may be a FIFO (fly-in fly-out) affair.

Melbourne royalty events boss Ron Walker, finance kingpin (and Essendon Bombers chairman) David Evans and adman Harold Mitchell won’t be on the sidelines, according to the AFR, while foreign interloper NSW premier Barry O’Farrell will make an appearance.

Alas, BOF’s Queensland counterpart Campbell Newman reportedly won’t be coming down, and neither will Nine Network boss David Gyngell or Seven Network chief David Leckie. AFL czar Andrew Demetriou must be feeling pretty comfortable.

Leightons boss shows how a CEO apologises. It takes a lot for a CEO to apologise. But that’s just what Hamish Tyrwhitt did at the Leighton Holdings annual general meeting yesterday.

Tyrwhitt apologised for the write-downs of the firm’s Victorian Desalination Plant and its Brisbane Airport Link, a move that caused a trading halt earlier this year and saw the construction giant cop a $300,000 fine from the corporate watchdog.

“Ï want to personally and sincerely apologise to each and every shareholder for the deterioration in these two projects,” the Leightons chief said at the meeting in Sydney.

He added that he and his group executive team were determined to restore the company’s performance and reputation, and that the company had been “confusing ”can do” with ‘gung ho”” and they would seek to rectify that.

Clearly apologising can do some good. Leighton’s suffering share price closed 65 cents higher yesterday.

This article first appeared on The Power Index.

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