Austrade CEO announces retirement

THE head of Australia's trade agency has retired after overseeing the organisation's restructure amid ongoing controversy over Austrade's role in the Reserve Bank bribery scandal. Peter Grey, a 42-year public-service veteran, announced his retirement as Austrade chief executive officer in an email to staff on Wednesday.

By InvestSMART · 14 Sep 2012

By InvestSMART ·
14 Sep 2012

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THE head of Australia's trade agency has retired after overseeing the organisation's restructure amid ongoing controversy over Austrade's role in the Reserve Bank bribery scandal.

Peter Grey, a 42-year public-service veteran, announced his retirement as Austrade chief executive officer in an email to staff on Wednesday.

Since taking up the position in March 2010, Mr Grey, 64, has overseen its restructure, with huge emphasis on improving the agency's awareness of corruption issues affecting Australian companies overseas.

Mr Grey will remain in the role for a short period until Trade Minister Craig Emerson appoints a successor.

Austrade has come under scrutiny for its role in a bribery scandal involving RBA currency-printing subsidiaries Securency and Note Printing Australia.

Both companies and eight former executives were last year charged by federal police with bribing foreign officials in Nepal, Malaysia, Vietnam and Indonesia to win central-bank currency-supply contracts.

Austrade officials were closely involved in the companies' affairs and recommended it use overseas agents police allege were part of the conspiracy.

"I appreciate that the past two-and-a-half years have been difficult and unsettling for many staff but I also believe it has been ultimately worthwhile," Mr Grey said.

He said his retirement would not surprise his close colleagues "as I have been foreshadowing this for some time".

The Age yesterday reported Austrade had put former prime minister Paul Keating and executives from a company owned by transport magnate Lindsay Fox in contact with Anh Ngoc Luong, the Vietnamese spy chief at the centre of the scandal.

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Frequently Asked Questions about this Article…

Who is retiring as Austrade CEO and what did he say about his departure?

Peter Grey, a 64-year-old with a 42-year public-service career, announced his retirement as Austrade chief executive in an email to staff. He said the past two-and-a-half years had been difficult but ultimately worthwhile, and that his retirement had been foreshadowed for some time. He will remain in the role for a short period until a successor is appointed.

When did Peter Grey become Austrade CEO and what did he oversee during his tenure?

Mr Grey took up the Austrade CEO position in March 2010. During his tenure he oversaw a major organisational restructure with a strong emphasis on improving the agency’s awareness of corruption issues affecting Australian companies overseas.

What is Austrade’s connection to the RBA bribery scandal involving Securency and Note Printing Australia?

Austrade has come under scrutiny for its role in a bribery scandal linked to the Reserve Bank’s currency-printing subsidiaries Securency and Note Printing Australia. The article says Austrade officials were closely involved in the companies’ affairs and recommended the use of overseas agents that police allege were part of the conspiracy.

Which companies and individuals were charged in the federal bribery investigation?

According to the article, both Securency and Note Printing Australia and eight former executives were charged by federal police last year with bribing foreign officials in Nepal, Malaysia, Vietnam and Indonesia to win central-bank currency-supply contracts.

What internal reforms did Austrade implement to address corruption concerns?

Under Peter Grey Austrade underwent a restructure that placed huge emphasis on improving the agency’s awareness of corruption issues affecting Australian companies operating overseas, as described in the article.

Who will appoint the next Austrade CEO and what’s the timeline for the transition?

The article states Trade Minister Craig Emerson will appoint a successor. Peter Grey will remain in the role for a short period until that appointment is made, but no specific timetable was provided.

Were any high-profile figures reportedly connected to the scandal?

The Age reported that Austrade had put former prime minister Paul Keating and executives from a company owned by transport magnate Lindsay Fox in contact with Anh Ngoc Luong, the Vietnamese spy chief at the centre of the scandal, according to the article.

What should everyday investors watch for regarding Austrade’s leadership change and the bribery allegations?

The article does not detail direct market effects, but it highlights ongoing legal and reputational issues involving Securency and Note Printing Australia and scrutiny of Austrade’s role. Everyday investors may want to monitor developments and any official findings, legal outcomes or government statements for potential implications to companies mentioned.