AD had a choice to do whatever he wanted when he left AFL. He could have made a name for himself in charity or the public good, but his first year out of the job the shit soul prick chooses to exploit vulnerable people at the cost of the taxpayer. Like he needed more money.
Former AFL boss Andrew Demetriou grilled in court about $145m Acquire Learning collapse
Mr Demetriou was never a director of the company but was executive chairman of an advisory board and paid $75,100 a month and $1.6 million in shares for three days a week of work in an office downstairs from the directors.
The court heard that about a week before Acquire received a letter from law firm Clayton Utz suggesting the company was teetering on the edge of trading while insolvent, Mr Demetriou asked the company to approve a $150,000 bonus payment for "professional services as agreed".
"Thank you very much for your very generous consideration. Best, Andrew," the email read. The payment to Mr Demetriou's private company was made that day.
'Uncle Andy' Demetriou grilled over role in $145m collapse
He repeatedly sought to distance himself from any financial decisions involving the company telling the court that he was not involved in operational matters.
“My role was to primarily open doors, to use my network of contacts, to give advice to the board members,” he said.
But emails tendered in court showed that Mr Demetriou referred to himself as the company’s executive chairman in his email signature, with no mention of the advisory group.
He also signed off on a director’s bonus and oversaw pay increases for some company directors, including his nephew Tim Demetriou whose annual salary increased to $500,000 in early 2016.
At one stage, Tim Demetriou emailed his “uncle Andy” and asked: “how much are we worth?”.
Mr Demetriou responded: “$1.2 billion to $1.5 billion on a good day.”
Andy probably still spewing he didn't get in on the banking gravy train back in the day so trying to make up for lost time money because as much as he might have made along the way via AFL etc, it's chump change compared to those mofo's.
He’s claiming he had nothing to do with the running of the company. Just a board member. Helping a few young blokes out. Collecting $900k a year. Owning a percentage of the company. Calling in cash payouts as “dividends in advance”. From an insolvent company who owed creditors hundreds of of millions. Which has no money to pay them - but happened to make millions in “loans” to directors. Which were never repaid.
The business mode itself was a con. The government paid “training providers” a commission for signing up young people to approved courses. And loaned the students the money.
So companies like Acquire were quickly set up. And who did they start signing up? Young, poor, uneducated, uninformed, often unemployed people. To dodgy courses they had no use for. They’d finish the course, which offered no job prospects for them, and be saddled with a huge loan to pay back. Which they couldn’t afford. Often, they were unemployed.
Acquire made off with the commission. Good times!
On top of being a con business model, you have the directors conning the con. Directors such as the Demetrious and John Wall, taking cash out of the business for themselves. Business collapses owing money to creditors. There’s no money... it’s all disappeared!
Money was always his god.
You would have to check you still had all your fingers if you shook hands with him.
He done a good job running our game, but we must never lose sight of the fact that he always put himself first.