Uncle Andy and some dodgy dealings


#21

Anytime.


#22

Mine if I’m entitled and have worked for it.

I’d expect to be hung drawn and quartered if I opportunistically skimmed via corporate mates.

I’ve been on the receiving end of builders going belly up and assets mysteriously ending up in unusual and unexpected names. Too often they escape in the grey areas of insolvency “law”. I’ve no love for that or them.


#23

That’s what I thought.

The CFO agreed with his request, and paid him in accordance with his contract.

There couldn’t be less to see here.


#24

And I’ll add: I’d have a pretty farking good idea of what the payment had been for!

Playing the “can’t recall” card is basically an admission of shonky garbage. I’m sure you’d agree with that?


#25

Don’t be too sure…


#26

It depends on what the bonus was for. He’s an experienced administrator. Don’t be surprised if he had a ‘Just Because’ bonus clause written into his contact.

Given that we regularly hear about bonuses to CEO’s and other high level corporate types for seemingly nothing, sometimes bonuses even if the results go ■■■■ over, why are people surprised about this? If you want to get all agog about something, be surprised at the modest amount he claimed.


#27

Lol,. Yeah, he was just an “advisor”.

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.”

And he “can’t recall” his own bonus? Spare me.


#28

I’ve mentioned before somewhere in this board that I was headhunted by this company many years back - when they were absolutely flying. I thought it sounded like a good gig (money was insane) but my wife (much smarter than me) advised me to turn them down because she could clearly see that the whole business was an extremely unethical and likely unlawful house of cards. And she was proven right.

I care less about AD skimming money off the top (though that is obviously poor) but care a great deal about the fact that the company’s entire operations were dodgy as fark. And that the entire business model was based on advantage of people who were already downtrodden and adding to their debt. And he was the head of all that.


#29

I think the actual issue here is more about getting square for perceived injustices against Essendon rather than A Demitriou’s alleged corporate bastardry in his post football endeavours.

For those of you still hung up on what happened several years ago, Essendon farked Essendon up, not A Demitriou.

From what’s been published so far, he doesn’t appear to have acted illegally, qualified by ‘time may tell otherwise’. Moral judgments on the other hand are up to the individual but as we’re living in Australia and not Gillead, what others think of the behaviour isn’t legally enforceable.


#30

Well that settles that then


#31

Finally. We can all move on.


#32

Uncle “I never trained anyone” Andy.


#33

Yes. Yes he is.


#34

This is Fat Andy and his beloved nephew Tim. Show them the money.


#35

“I’ll go to my grave knowing that I’m not getting paid a $150k bonus”


#36

Andy ‘Diggers’ Demetriou.
“I never stole from anyone”


#37

If I am reading the article correctly, 900k for a non executive directors position on a board is WAY over the odds.

Even the directors on the boards of our banks and miners aren’t paid any where near that much.

It seems to reek of a group of connected people taking advantage of poor government policy. Taking our taxes.


#38

No, the fact this happens at all in society is just farked. It should be rubbed out period. It should end up with administrators, who will give the money back to those are owed it. Unfortunately it rarely gets paid back to those who most need it.

Explain to me why a director or company head is entitled to a bonus when a company is insolvent and belly up in this situation. HOW ABOUT ACTING ETHICALLY!!!

Putting your hand up and saying nope I would rather see students refunded money they paid this education course.

Dont pull bullshit statements out and say everyone would do it. I would not take that money, because guess what I am not a farking scumbag piece of ■■■■.

The fact that it is fat andy is just the icing on the mouldy cake.


#39

As someone pointed out recently - some things don’t come naturally to people.


#40

Seriously stop taking about the bonus and start talking about the fact that the entire company was a rotten unethical piece of sh/t. It took advantage of the most vulnerable people by signing them up to courses which incurred massive debts - when those people could have done a similar course at TAFE for nothing.

I recall reading (but can’t find it now) that they signed a 22 year old mentally challenged guy up to an online learning course that would have cost him 10K. Not only could he never have completed it due to his mental capacity but he didn’t even own a computer (and told the salesperson so)