Offset Alpine fire
Encyclopedia
The Offset Alpine fire was a 1993 fire that destroyed a Sydney
printing plant owned by the company Offset Alpine Printing Ltd. Investigations of the incident by the police and by the Australian Securities and Investments Commission
spanned over ten years, amid suspicions that the printing plant was burnt down as part of an insurance
fraud. It also gained attention because of the high profile of individuals involved.
In 1992 a company controlled by colourful businessman Rene Rivkin
bought the Offset Alpine printing firm from media magnate and Australia's then richest man Kerry Packer
for A$15.3 million and floated it on the stock exchange
. On Christmas Eve, 1993, the firm's sole asset, the printing plant, was destroyed by fire. It had been insured at replacement value (A$53.2 million), more than three times its purchase price, and the share price skyrocketed. The fire was blamed on a staff barbecue, but suspicions of arson have persisted.
Known investors included:
The Australian Securities and Investment Commission (ASIC) commenced an investigation into the ownership of a 38% stake in the company via secret Swiss bank accounts. Rivkin denied any knowledge of the ownership of the stake at the time, but in 2003 ASIC discovered that he himself, in partnership with Richardson and Kennedy, had been using Swiss bank accounts to trade in Offset Alpine and other companies. Rivkin committed suicide in 2005, before the investigation was completed, after being jailed on an unrelated insider trading
matter.
In January 2006 after a two year legal battle, ASIC gained access to the relevant Swiss banking records. In September 2006 it was revealed that Richardson had almost $1.5 million in Swiss accounts which he had failed to declare to the Australian Tax Office.
Lingering suspicions have also linked the case to the 1995 death of Caroline Byrne, girlfriend of Rivkin's chauffeur, Gordon Wood, who in 2008 was found to be guilty of her murder.
In 2010 ASIC discontinued its investigation. http://www.asic.gov.au/asic/asic.nsf/byheadline/10-111AD+ASIC+discontinues+investigation+into+certain+allegations+in+relation+to+Offset+Alpine?openDocument
Sydney
Sydney is the most populous city in Australia and the state capital of New South Wales. Sydney is located on Australia's south-east coast of the Tasman Sea. As of June 2010, the greater metropolitan area had an approximate population of 4.6 million people...
printing plant owned by the company Offset Alpine Printing Ltd. Investigations of the incident by the police and by the Australian Securities and Investments Commission
Australian Securities and Investments Commission
The Australian Securities & Investments Commission is an independent Australian government body that acts as Australia's corporate regulator...
spanned over ten years, amid suspicions that the printing plant was burnt down as part of an insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
fraud. It also gained attention because of the high profile of individuals involved.
In 1992 a company controlled by colourful businessman Rene Rivkin
Rene Rivkin
Rene Rivkin was an Australian entrepreneur, investor, investment adviser, and stockbroker. He was a well-known stockbroker in Australia for many years until his death in 2005.-Early life:...
bought the Offset Alpine printing firm from media magnate and Australia's then richest man Kerry Packer
Kerry Packer
Kerry Francis Bullmore Packer, AC was an Australian media tycoon. The son of Sir Frank Packer and Gretel Bullmore, the Packer family company owned controlling interest in both the Nine television network and leading Australian publishing company Australian Consolidated Press, which were later...
for A$15.3 million and floated it on the stock exchange
Stock exchange
A stock exchange is an entity that provides services for stock brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and...
. On Christmas Eve, 1993, the firm's sole asset, the printing plant, was destroyed by fire. It had been insured at replacement value (A$53.2 million), more than three times its purchase price, and the share price skyrocketed. The fire was blamed on a staff barbecue, but suspicions of arson have persisted.
Known investors included:
- Stockbroker and Entrepreneur Rene RivkinRene RivkinRene Rivkin was an Australian entrepreneur, investor, investment adviser, and stockbroker. He was a well-known stockbroker in Australia for many years until his death in 2005.-Early life:...
. - Former LaborAustralian Labor PartyThe Australian Labor Party is an Australian political party. It has been the governing party of the Commonwealth of Australia since the 2007 federal election. Julia Gillard is the party's federal parliamentary leader and Prime Minister of Australia...
Senator and PackerKerry PackerKerry Francis Bullmore Packer, AC was an Australian media tycoon. The son of Sir Frank Packer and Gretel Bullmore, the Packer family company owned controlling interest in both the Nine television network and leading Australian publishing company Australian Consolidated Press, which were later...
associate, Graham RichardsonGraham RichardsonGraham Frederick Richardson , a former Australian politician, was a Senator for New South Wales from 1983–94 for the Australian Labor Party, a senior minister in Hawke and Keating governments, and is now a political lobbyist, public speaker, and media commentator. During his time in politics,... - Businessman and former Packer executive, Trevor KennedyTrevor KennedyTrevor Kennedy is a D-Leauge point guard for the LA Shots, who has served on the board of directors of many outstanding companies, including Consolidated Press Holdings and Qantas. He played basketball for the Iaeger cubs and wore number 20. He is a former journalist and right-hand man of LeBron...
- Entrepreneur Rodney AdlerRodney AdlerRodney Stephens Adler is an Australian businessman and former director of telecommunications company One.Tel and insurance company HIH, both of which collapsed in 2001. He was jailed in 2005 for his conduct related to the collapse of HIH....
- Businessman Sean Howard, one of the founders of internet company OzEmailOzEmailOzEmail was a major Internet service provider in Australia, until it was acquired by the iiNet ISP on February 28, 2005.-History:In the early 1980s, Sean Howard was the editor of the Australian Personal Computer magazine and was running a small electronic mail service called Microtex...
- Former LaborAustralian Labor PartyThe Australian Labor Party is an Australian political party. It has been the governing party of the Commonwealth of Australia since the 2007 federal election. Julia Gillard is the party's federal parliamentary leader and Prime Minister of Australia...
leader and Governor-GeneralGovernor-GeneralA Governor-General, is a vice-regal person of a monarch in an independent realm or a major colonial circonscription. Depending on the political arrangement of the territory, a Governor General can be a governor of high rank, or a principal governor ranking above "ordinary" governors.- Current uses...
, Bill HaydenBill HaydenWilliam George "Bill" Hayden AC was the 21st Governor-General of Australia. Prior to this, he represented the Australian Labor Party in parliament; he was a minister in the government of Gough Whitlam, and later became Leader of the Opposition, narrowly losing the 1980 federal election to the... - Television personality Ray MartinRay Martin (television presenter)Raymond George "Ray" Martin AM is an Australian television journalist. He is best known for his various on-air roles on Channel Nine from 1978 to 2008. In 2011 he returned to 60 Minutes....
(who appeared on the Packers' Nine NetworkNine NetworkThe Nine Network , is an Australian television network with headquarters based in Willoughby, a suburb located on the North Shore of Sydney. For 50 years since television's inception in Australia, between 1956 and 2006, it was the most watched television network in Australia...
)
The Australian Securities and Investment Commission (ASIC) commenced an investigation into the ownership of a 38% stake in the company via secret Swiss bank accounts. Rivkin denied any knowledge of the ownership of the stake at the time, but in 2003 ASIC discovered that he himself, in partnership with Richardson and Kennedy, had been using Swiss bank accounts to trade in Offset Alpine and other companies. Rivkin committed suicide in 2005, before the investigation was completed, after being jailed on an unrelated insider trading
Insider trading
Insider trading is the trading of a corporation's stock or other securities by individuals with potential access to non-public information about the company...
matter.
In January 2006 after a two year legal battle, ASIC gained access to the relevant Swiss banking records. In September 2006 it was revealed that Richardson had almost $1.5 million in Swiss accounts which he had failed to declare to the Australian Tax Office.
Lingering suspicions have also linked the case to the 1995 death of Caroline Byrne, girlfriend of Rivkin's chauffeur, Gordon Wood, who in 2008 was found to be guilty of her murder.
In 2010 ASIC discontinued its investigation. http://www.asic.gov.au/asic/asic.nsf/byheadline/10-111AD+ASIC+discontinues+investigation+into+certain+allegations+in+relation+to+Offset+Alpine?openDocument