CBD

Keeping an eye on the pennies

Keeping an eye on the pennies

Not even the children of the nation's rich and powerful are safe from the powerful money Hoover operated by the cash-hungry Rudd government.

A pair of bank accounts held in the names of AFL boss Andrew Demetriou's twin daughters have been emptied out into the Commonwealth consolidated revenue fund, a government gazette released on Friday shows.

The gazette names two unclaimed bank accounts, each of $2471.43, belonging to Alexandra Demetriou and her sister Zoe, care of Andrew Demetriou's $6.8 million home in the leafy Melbourne suburb of Toorak.

Bank accounts from which there are no deposits or withdrawals are transferred to the government after three years - reduced from seven years in December in a move that has so far netted $450 million.

To get the money back, punters need to apply to their banks.

Demetriou is pretty busy right now - finals are fast approaching and on Monday he was sitting at an AFL Commission hearing of charges against the Essendon Football Club over the supplements scandal that has gripped the code.

But, while the AFL boss brought home $1.88 million last year, it appears he is determined to recover the relatively small amount of missing money.

"Yes, he is aware of it with both his daughters and is in the process of reclaiming their money," AFL spokesman Patrick Keane said.

Win for Twiggy

He may have lost on the mining tax, but his investment in biotech Allied Healthcare Group has proved healthy for Fortescue founder Andrew Forrest.

Twiggy quietly increased his stake in Allied to 17.05 per cent on July 30, paying almost $1 million to buy about 20.8 million shares.

That's a price of about 4.8¢ a share. But the stock's been on a run since, culminating in a speeding ticket issued by the ASX last week after its price surged from 5.8¢ on August 12 to a peak of 7.6¢ on August 19.

On Monday the company said its cardiovascular patch, CardioCel, had passed European safety rules. Allied closed at 7.9¢, meaning Twiggy has made a quick paper profit of $644,000 on his latest purchase. His entire stake - some 176 million-odd shares - is worth close to $14 million.

Rough swells

Management wipeouts at troubled surfwear group Billabong have left the company without a big kahuna to unveil its annual results on Tuesday morning.

Former Target managing director Launa Inman got caught in the rip on August 5, standing down as chief executive when the company agreed to a rescue package with the Altamont consortium.

Former Oakley chief executive Scott Olivet was set to surf into the top job, subject to Takeovers Panel approval - a process the company said "may take a week or more".

It's yet to happen, with the tide turning after the Takeovers Panel forced the Altamont crew to tone down some of its more obnoxious demands and the rival Oaktree-Centerbridge consortium dropping in with a fresh offer.

So who will be head grommet at Tuesday's dial-in? Apparently the show is to be run by finance chief and acting chief executive Peter Myers, who came from APN in January.

Chairman Ian Pollard will also be on hand.

Within Range

Being suspended from the exchange won't stop Cape Range steaming ahead with its deal to become the listing vehicle for brown coal treatment outfit Exergen, chairman Wayne Johnson insists.

He told CBD Cape Range would pay its ASX fees by August 29 and would be lodging a prospectus this week to raise up to $5 million.

Asked when Cape Range would be back trading on the bourse, he said: "The timetable we're targeting is the end of October."

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bbutler@fairfaxmedia.com.au

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