Retirement but no rest for our globe-trotting ex-ASIC chairman Greg Medcraft
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Retirement but no rest for our globe-trotting ex-ASIC chairman Greg Medcraft

As the fictional villain Gordon Gekko says in Money Never Sleeps: "If there's one thing I learned in prison it's that money is not the prime commodity in our lives … time is."

Our former top corporate cop, Greg Medcraft, could not agree more.

Greg Medcraft working out at Moore Park Gym with his trainer. Have we mentioned that he is fit?

Greg Medcraft working out at Moore Park Gym with his trainer. Have we mentioned that he is fit?

Photo: Christopher Pearce

You could not accuse him of skiving off during his final days in charge of ASIC.

It was a big week. On top of the normal handover stuff for his replacement, James Shipton, Medcraft got to savour sweet victory with the courts ratifying the NAB and ANZ BBSW settlements on Greg's final day in the office on Friday.

Ahmed Fahour and his wife in the Birdcage at the Melbourne Cup.

Ahmed Fahour and his wife in the Birdcage at the Melbourne Cup.

Photo: Jesse Marlow
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Still, it's a pity Medcraft won't be around to hear Westpac's star trader, Colin "the f---ing Rat" Roden swear on a Bible in court as the bank sticks with Brian Hartzer's decision to defend its conduct in court.

Having walked out of ASIC's door for the last time on Friday evening, iron man Medcraft boarded a plane on Saturday for Washington DC.

He was there for a meeting of the Salzburg Global Forum where he would have been rubbing shoulders with Trump's chairman-elect of the US Federal Reserve, Jerome Powell.

When that is finished it will be another plane ride for Medcraft to to Paris where he will have a few days to renew his acquaintance with the city before starting work as special adviser to the OECD secretary-general on financial markets and enterprise affairs on Monday, November 20.

Former ASIC chairman Greg Medcraft left Australia on the weekend for Washington DC and then Paris.

Former ASIC chairman Greg Medcraft left Australia on the weekend for Washington DC and then Paris.

Let's hope the Parisians reacquaint our Greg with the concept of work-life balance.

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Former postie, Ahmed Fahour, is in the thick of it as executive chairman of Pro-Pac, the packaging player controlled by his billionaire buddy Raphael Geminder, the brother-in-law of Australian packaging billionaire Anthony Pratt.

And it is good to see that, unlike his pauper days at Australia Post, he recognises that the real corporate world sometimes requires a little financial sacrifice.

Pro-Pac is conducting a rights issue to pay for the recent acquisition of another – larger – packaging group, IPG.

An ASX notice on Friday indicated that Fahour has stepped up to the plate, spending $2.4 million of his own money to acquire 7.1 million shares at 34¢ each to fund the purchase.

Don't worry, it didn't involve too much self sacrifice. The stock closed on Friday at 40.5¢, so he is well and truly in the money. And so is his fellow board member, Gary Weiss, but he picked up a piddly 200,000 shares.

Maybe Weiss was too busy in his role as Ardent Leisure's new chairman – dispatching CEO Simon Kelly to the slippery dip – to realise what a great deal was in front of him at Pro-Pac.

Let's see how that goes down with Ardent investors when they are asked to elect him to the board next Monday.

Oh no, Molopo

Just where do we begin with Friday's Molopo Energy shareholders meeting.

It all started in orderly fashion with Molopo's board advising shareholders to do nothing in relation to Geoff Wilson's cash offer via Wilson Asset Management which countered the bodgie bid from the Bolton-associated Aurora.

William Johnson, who was being pushed for a board role by associates of corporate spiv Nick Bolton, failed to get a seat at the board table – as expected. Although, the vote was closer than expected, with more than 42 per cent of shares voted for him.

What many did not expect was a coup against Molopo's executive chairmanAlexandre Gabovich.

Gabovich, who was recruited in March to make a business from the $65 million cash box, was unceremoniously dumped with more than 96 per cent of the vote going against him.

Now keep in mind that the resolution to remove him was put forth by Bolton's crew. But almost very shareholder who bothered to vote, voted to remove him.

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CBD is told that Canadian billionaire, Sam Salzberg – who is a significant Molopo shareholder and a director – did not show up for the meeting. We don't know if he voted to remove Gabovich but he definitely did not vote to keep him.

Hours later the board terminated Gabovich as CEO with three months' salary. His deputy, Baljit Johal,was later appointed MD and chairman.

Follow CBD on Twitter. Got a tip? ckruger@fairfaxmedia.com.au

Colin Kruger

Colin Kruger is a business reporter. He joined the Sydney Morning Herald in 1999 as its technology editor. Other roles have included the Herald's deputy business editor and online business editor.

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