Bradken boss will appeal
Former NSW premier Nick Greiner has appealed against a court decision that found he helped rig a multimillion-dollar deal for his mining services company Bradken.
Mr Greiner, Bradken and Bradken managing director Brian Hodges were last month ordered to pay $21.6 million in damages to Swiss group Pala after they were found to have rigged a deal to buy Pala's mining parts manufacturer Norcast for less than it was worth.
They are appealing against the decision by the Victorian Federal Court's Justice Michelle Gordon on 18 grounds.
They say the judge erred in her finding that Castle Harlan and Bradken had arranged a deal whereby Castle Harlan would bid for Norcast and Bradken would hold back.
Mr Greiner is the chairman of Bradken and also sits on the board of Castle Harlan's Australian affiliate, Castle Harlan Australian Mezzanine Partners.
Justice Gordon said Mr Greiner's intimate knowledge of the deal had enabled Castle Harlan to sell on Norcast to Bradken for a lucrative "fee". "Put simply, Greiner was involved and had knowledge of the essential elements from the start to the finish," she said.
But the appeal said Mr Greiner and Mr Hodges lacked enough knowledge or involvement in the deal for it to be "cartel conduct".
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