Andrew Demetriou is as crooked as they come

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Freomaniac

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#27
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.
correct me if I am wrong, but wasn't demitriou a board member of Melbourne casino after he left the AFL?
 

WillHayward

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Thread starter #32
Don’t like him either but how’s this footy related??
He was the most powerful bloke in the game for a decade who shaped the current competition by bringing in GWS and GC and Gil is his protege.

A huge figure in the AFL. Gillon is his protege. I wonder what he taught him about integrity....

Highly relevant.
 
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carloss

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#35
https://www.abc.net.au/news/2019-02...about-145m-acquire-learning-collapse/10854062

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.
 

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carloss

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#41
https://www.smh.com.au/business/com...er-role-in-145m-collapse-20190227-p510nu.html

'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.”
 

Bunk Moreland

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#45
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.

This is interesting - because it looks like a flat out con. Be keeping an eye on this....
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!
 

master bate

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#47
I don't think he was all that bad as CEO of the AFL but in his time the funds in the game really boomed, as did the level of wheeling and dealing with Governments, media companies and sponsors.

Football has always been involved at that level but every thing took off with the huge broadcast rights.

Demetriou was on to this early and no doubt as his time at the AFL continued he became more involved in these big business deals that so often have an angle.

He worked out a massive career achievement bonus that in reality only required that he did his job. Pretty much stole 2 mil from the game as far as I'm concerned.
https://www.afl.com.au/news/2014-03-04/demetrious-very-good-year

You only have to look at who his AFL Commissioners were - Ron Evans (Spotless) and Mike Fitzpatrick (ANZ Stadium) to see that conflict of interest was no concern.

Made absolute sense that he'd join the Crown board just as Crown were taking over in Perth with a Casino right next to the new stadium.

But this Acquire learning stuff is right off the deep end. It's stuff that people need to be held accountable for.
 
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