CBD
Chaos at the resort Christopher Skase built, courtesy of Commonwealth Bank.
CBD hears that security paranoia surrounding a top-secret conference held by Ian Narev's financial behemoth at the Sheraton Mirage resort in Port Douglas turned carefree holiday fun in the sun into a ordeal of wire-mesh fences, barricades and even - horror of horrors - closed the breakfast buffet.
With rooms at the Mirage, corporate crook Skase's sole positive contribution to the world, costing up to $1000 a night, it's no wonder guests were upset.
Set right next to Four Mile Beach, one of the loveliest stretches of sand in far north Queensland, the resort boasts an 18-hole golf course, fancy restaurants, tropical gardens and an aquatic driving range.
But according to one guest, many of the facilities were off-limits when the CBA's marauding hordes descended on July 28.
"They erected these Cyclone fences on the way to Four Mile Beach," the traumatised tourist told CBD. "There were barricades on the main entrance to the resort."
CBD's source said that to move around the resort at night, guests had to run a gauntlet of flashlight-wielding security guards, apparently brought in for the occasion. This turned a simple trip to the bar for a cocktail into an arduous trek - and, on arrival, it turned out the bar was closed to all but conference-goers.
And all this was allegedly sprung on guests without warning. "CBA had booked the whole hotel to keep it secret," our source said.
A CBA spokesman said the shindig was "a national third-party and mobile-banking broker conference".
"In order to minimise impact on hotel guests, their accommodation was upgraded to private villas and some were offered additional hospitality benefits by the resort managers," he said.
Board record
It was easy to miss amid all the hoopla of reporting season, but CBD could not help but note the extraordinary general meeting of Perth minnow Baru Resources this week. There's quite a bit of buzz surrounding the company now that the corporate plod is taking a good hard look at its IPO and just what happened to all that investor money, especially regarding a takeover deal for a company called Argosy Minerals.
Rather than answer questions from shareholders, the board of Baru appointed a lawyer for the day to address investor concerns.
And no run-of-the-mill Perth pettifogger, either, but high-profile legal eagle Martin Bennett.
Regular CBD readers will recall that Bennett has been lawyer for Mick "Manynames" Shemesian. And Leo "The Gun" Khoury. And Perth Glory owner Tony Sage.
Bennett now has a record he can add to his LinkedIn profile - one of the shortest directorships in Australian corporate history.
According to those at the meeting, Bennett was appointed as a director at 12.16pm and resigned two hours and five minutes later. He answered all questions directed at the board, while chairman Peter Avery, chief executive Matt Bull and executive director Kevin Nichol sat silent.
A glorious day for corporate governance.
Vote for Squirty
Politicians are often derided as clowns so kudos to the Family First Party for cutting out the middleman and running an actual clown for office at September 7's election.
The right-wing party's candidate for the Victorian lower house seat of McEwen is one Barry Newton, also known as "world renowned entertainer" Squirt the Clown.
According to a blurb put out by the party on Wednesday, Squirt is concerned at the effect "the current cost of living pressures is having on families in the community".
Key pressures must surely include the cost of clown car fuel, squirty flowers and oversized shoes.
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bbutler@fairfaxmedia.com.au
Frequently Asked Questions about this Article…
According to the article, CBA held a top‑secret, national third‑party and mobile‑banking broker conference at the Sheraton Mirage in Port Douglas. Guests reported extensive security measures — cyclone fences, barricades, extra security guards with flashlights — and said many resort facilities were off‑limits, with the breakfast buffet closed to non‑conference guests.
A CBA spokesman described the event as a national third‑party and mobile‑banking broker conference and said the bank tried to minimise guest impact by upgrading some hotel guests to private villas and offering additional hospitality benefits through the resort managers.
The article says guests alleged the restrictions were sprung on them without warning. Sources told CBD that CBA had effectively booked the whole hotel to keep the conference secret, which left some facilities closed to regular guests.
Guests reported the heavy security and restricted access took place when the CBA group descended on the resort on July 28.
Baru Resources held an extraordinary general meeting amid scrutiny over its IPO and questions about investor money, especially relating to a takeover deal for a company called Argosy Minerals. Instead of the board answering shareholder questions, the company appointed a lawyer to address concerns.
Martin Bennett, a high‑profile Perth lawyer, was appointed by Baru’s board to address investor concerns at the meeting. According to attendees, he was briefly appointed a director at 12:16pm and resigned two hours and five minutes later, during which time he answered shareholder questions while other board members remained silent.
The article highlights investor concern and scrutiny around Baru’s IPO process and a takeover deal, plus the unusual step of appointing a lawyer to handle shareholder questions. For everyday investors, such governance signs — limited direct answers from the board and questions about where investor money went — are red flags worth investigating before investing.
The article noted that the Family First Party endorsed Barry Newton, also known as 'Squirt the Clown', as its candidate for the Victorian lower house seat of McEwen. The piece highlighted the oddity and humour of running a clown candidate while noting his stated concern about the impact of cost‑of‑living pressures on families.
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