Kicking tyres and antiques

RENE RIVKIN and Robert Whyte go way back.

So it is handy that Rivkin's former driver Gordon Wood has been keeping tabs on what the long-time friends got up to.

In the then ASC's 1995 grilling of Wood about Rivkin and a rather large barbecue at the Offset Alpine printing company, Wood was asked about a "recent" trip he took to London and Zurich with his then boss, Rivkin, and who they had met on the trip.

Have you heard of a person called Robert Whyte?

Yes, Wood replied in a transcript of the interview tabled in the Supreme Court yesterday at Wood's murder trial of his former girlfriend Caroline Byrne.

Wood told investigators he had met Whyte "frequently", describing him as "a good guy" and "more of a friend" to Rivkin than an associate.

In fact, they all caught up as many as half a dozen times on the trip - "at a car yard, antique shops, antique fairs, restaurants".

Wood was asked if he went to the "meetings" but felt compelled to shed some light on the refined circles Whyte moved in.

"Well, they weren't meetings, they were just . he would ring up and say, 'I am buying a Mercedes today. Do you want to come with me?', and we would go with him, or 'We are going to the antique fair at Chelsea. Do you want to come?', sort of thing."

The ASC's finest wanted to know if Whyte and Rivkin were more than friends. Perhaps business partners? Might Wood know if Whyte had an interest in the shares of Offset Alpine Printing or its previous name, Stroika? No.

Had Whyte and Rivkin chatted about Rene's trip to London or Zurich? No.

How about the ASC case about the shares in Offset Alpine?

"I don't honestly know," Wood replied. Surely they would have talked about it?

"It wouldn't surprise me if Robert had said, 'How is it all going back home?'," Wood said.

Before winding up the grilling, the investigator had one final question: Did Mr Whyte end up buying the Mercedes?

"No," Wood replied, adding, "You know that is not relevant. But I don't think so".

To tell or not to tell

Given that ASIC's big case against 10 former James Hardie executives and directors is about deficient disclosure on asbestos matters, it was no surprise that on day one the subject of the company's public relations activities came up.

In the box as an ASIC witness was the former Hardie in-house lawyer Wayne Attrill.

Asking questions on behalf of the second defendant, Hardie's former general counsel Peter Shafron, was the barrister Bret Walker, SC. Walker wanted to know whether Attrill reported to Hardie's former head of corporate affairs, Greg Baxter. No, Attrill said.

"Mr Baxter might be called a non-defendant in this case," mused Walker, before exploring what Baxter did as head of investor relations and public relations.

Investor relations means what you told investors and what you didn't tell them? - Investor relations is what you tell the market.

Disclosure includes what you didn't tell them? - Well I suppose so.

His was the responsibility ultimately, just one step down from the top of the executive hierarchy, for what you did tell people, what you didn't tell people, what you did disclose, what you didn't disclose. In short, propaganda? - That's correct.

Family business

Family is important at Bernie Brookes's Myer. Buried in its annual report are details of a deal involving Bernie's little guy, Tim.

Myer paid Tirant Enterprises, which belongs to his son, $20,130 for IT "consulting services" - down from the $30,000 he pocketed from dad's shop last year.

Bernie's also looking after his daughter, noting in a plug for the Myer bridal registry business how she got married recently.

But it appears his progeny may not have bought her shoes in-house. "Footwear is still disappointing, we haven't purchased footwear right, we haven't got the colours, haven't got the styles. It's disappointing . we've probably shot ourselves in the foot in the footwear department."

Still, like any wedding, something borrowed, something blue. Having borrowed $1 billion to buy Myer, we suspect its owners are not feeling too blue over the tidy dividends and capital return they have been enjoying.

Gouge away, gal

Gail Kelly manages triplets and still revs up the school rugger team while running a bank - but it's not enough for everyone.

The corporate adviser Grant Samuel has given a green light to Kelly's Westpac taking over St George, - who wouldn't when you are being paid $1.8 million for the advice? - but it has raised a few issues.

Can savings be realised "without destroying the St George business and its distinct culture"? Can Westpac integrate the two banking cultures? And Samuel questioned Kelly's proven credentials at being in seven different places at once: "Further, the CEO is only one person". Could have fooled us.

Still, there are profitable reasons to get the deal up.

"The performance of the banking sector over the next 12 months is expected to be influenced by lower levels of competition, particularly in the home lending market, as the activities of non-bank lenders are constrained by the credit markets."

Better still, "more corporates are expected to turn to banks for funding due to the more limited ability to raise debt themselves".

Gouge away.