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CBD

 

Every Australian bids good luck on the tollway 

Let's hope the Future Fund will not be jinxed by its involvement in the proposed $6.8 billion takeover of the toll-road operator Transurban.

The federal government-founded fund is discussing being a partner in the bid with the Canada Pension Plan Investment Board and the Ontario Teachers' Pension Plan.

It just happens that one of the board members of the Future Fund is Trevor Rowe, who happens to chair the Macquarie-listed toll-road company BrisConnections.

Here's hoping the Future Fund will have more luck than investors in BrisConnections - they have seen the value of their first $2 of instalments dip to 0.2c. Rowe also chairs a company nicknamed UGLy.

Police scrapes

The Macquarie Group infrastructure bigwig David Roseman found himself in Rose Bay police station last Friday after an alleged incident involving his former wife.

The 43-year-old Point Piper resident was questioned after police received a complaint about an alleged assault from his former wife, Samantha. Roseman, who has since remarried, was not charged and police said he had no case to answer.

The alleged incident occurred after Roseman showed up at his former wife's Bellevue Hill home. In a separate incident on Victoria Road in 2006, Roseman was nabbed for doing 76 km/h in a 50 km/h zone in his Porsche Boxster.

He pleaded guilty after police tendered his driving record. In the preceding decade Roseman had copped nine speeding fines, three red light cameras and a fine for talking on his mobile while driving.

He had also been booked while his licence had been suspended. It is not known if he has kept a clean driving record in the three years since then.

Oral exchanges

Fresh from his big turn from the floor of the Ten Network annual meeting last week, the next Sydney exposure for the Bermuda-based billionaire and head of WIN TV, Bruce Gordon, might be in the witness box at the Federal Court.

The former managing director, David Butorac, is suing WIN and Gordon over his short-lived tenure in the top job.

With staunchly defended allegations of misleading and deceptive conduct, it is going to be a he-said-no-he-said kind of dispute.

Yesterday Justice Robert Buchanan indicated little interest in running a hearing based on documents. "[Butorac's] case depends on recollection of oral exchanges and criticism of [Gordon's] conduct," the judge said.

"All such matters are likely to be controversial. I have in mind at the moment that evidence should be given orally, upon notice to the other side but without being filed in court in advance." The next round starts in February.

R-R-R-Raymond

RHG Limited's latest court battle comes after its victory in the NSW Supreme Court in September over a separate matter.

In that case, the John Kinghorn-chaired home lender, once known as RAMS, beat off claims from a defaulting mortgagee.

One claim was that RHG had misrepresented its loans in the ads that used to star a talking ram called Raymond who "undertook to keep interest rates lower than the big banks". In a DVD provided by the defendant, Raymond said: "RAMS has always been known for its low rates.

So we've kept our standard variable interest rates lower than any of the big banks." The argument did not sway the judge. The court ordered the defendant to give RHG possession of the land over which the mortgage applied.

Sweet materials

CSR's newly renamed Sucrogen subsidiary looks set to become the first sugar producer in the world to name its food and drinks after building products.

The revelation came yesterday after CSR said its building products and aluminium division would keep the CSR name, while the demerged sugar and energy business would be called Sucrogen.

This means the business that has no sugar will keep the name inherited from the original Colonial Sugar Refining Company, which was founded in 1887.

CSR said Sucrogen's sugar products, however, will retain the CSR brand. "It's a good time to be in the sugar business and we believe the new corporate identity reflects both our strong heritage in Australia and New Zealand but also an exciting future as a stand-alone company," blurted the Sucrogen boss, Ian Glasson, in a statement to the market.

The good news, however, is that it is one of the few name changes of the year - including United Group's switch to UGL (aka UGLy) - that has not resulted from a company wanting to cover up its past.

Think Prime Infrastructure (Babcock & Brown Infrastructure), Infigen (B&B Wind) and Oceania Capital Partners (Allco Equity Partners).

ABC counters

With the fine details being worked out for the contract to sell ABC's remaining 700 centres to the Mission Australia consortium, some thoughts may be turning to who gets the fun job of auditing the childcare operator's financial accounts after it departs the ABC corporate crib.

It is a big job. Just ask Ernst & Young, which had so much fun attempting to untangle the child-care operator's accounts for the year ending June 30, 2008.

It might still be, for all we know. The accounts are yet to emerge for the past two years. KPMG happens to rule off on the numbers for Mission Australia, and why not. The charity's chairman, Richard Grellman, can confirm the firm's bona fides, having worked there for more than 30 years.

It also has experience with ABC's operations. KPMG was called in as referee last year when Ernst & Young disputed the previous auditor's interpretation of ABC's accounts.

For the record, KPMG could not find fault with the two materially divergent opinions provided by the auditors, one of which correctly diagnosed what was ultimately a fatal condition.

Got a tip? Use our online tips box or email srochfort@smh.com.au

 

Briefs

Enforcement

Insider trading case The corporate watchdog has charged a former senior manager at KPMG with insider trading. Andrew Dalzell, 48, of Randwick, appeared in the Downing Centre Local Court and was granted conditional bail to appear again in February. ASIC alleges that, while employed by KPMG, Mr Dalzell bought 40,000 shares in a listed printing company, Promentum, at a time when he had inside information about a plan by Promentum to buy a privately owned rival, McMillan Print.

Natural gas 

Offshore discovery A gas discovery off Western Australia could extend the life of the $43 billion Gorgon natural gas project. The results from the Satyr-1 exploration well were encouraging, Chevron Australia said.

Competition

Alcan approval Amcor has received European Commission approval to buy the European businesses of Alcan Packaging from Rio Tinto. In return, Amcor has agreed to divest itself of two plants that produce pharmaceutical, personal care and food packaging.

Emissions

Cost to ASX200 The Federal Government's amended emissions trading scheme could wipe about 3 per cent off the value of Australia's top 200 companies, the consultants RepuTex and Arbor Partners say. Indirect factors, such as electricity and supply chain costs, would make up 60 per cent of the ASX200's total carbon liability.

Broadband

NBN fibre boss The National Broadband Network Company is hiring Patrick Flannigan, former chief executive of Service Stream, to oversee the roll-out of the fibre and other network components.