Ron Brierley

Last updated

Ron Brierley
Ron Brierley investiture (cropped).jpg
Born
Ronald Alfred Brierley

(1937-08-02) 2 August 1937 (age 87)
Wellington, New Zealand
NationalityNew Zealander
Occupation(s)Chairman and director of several companies
Known forInvesting
Corporate raiding
Possessing child sexual abuse material

Ronald Alfred Brierley (born 2 August 1937) is a New Zealand investor and corporate raider, chairman and director of a number of companies in Australia, New Zealand and the UK. [1]

Contents

He founded R.A. Brierley Investments Ltd (BIL; renamed GuocoLeisure from October 2007 [2] ) in March 1961 with no capital. By 1984 BIL was the largest company in New Zealand by market capitalization, and in 1987 had 160,000 shareholders, with a stake in over 300 companies, including Paris department store Galleries Lafayette and Air New Zealand. [3] [4]

In April 2021, Brierley pleaded guilty to three counts of possessing child abuse material and resigned his 1988 knighthood after the government had initiated the process of having it removed.

Personal life

Brierley was born in Wellington in 1937 to middle-class parents. He went to primary school at Island Bay School, [5] and Wellington College. [6]

At Wellington College, he joined the New Stamp Dealers Federation, and began his first business venture selling stamps to students and staff. [7] He was still one of the largest buyers and sellers of stamps in the world in 2014, recognised by the name "Lionheart". [8]

Brierley's investiture as a Knight Bachelor by Governor-General Sir Paul Reeves in 1988 - he resigned his knighthood in 2021 Sir Paul Reeves knights Ron Brierley.jpg
Brierley's investiture as a Knight Bachelor by Governor-General Sir Paul Reeves in 1988 – he resigned his knighthood in 2021

Brierley is a cricket enthusiast. He was a trustee of the Sydney Cricket and Sports Ground Trust from 1988 to 1996, and President of New Zealand Cricket in 1995. [4] He also likes travelling by train. [9] He was appointed a Knight Bachelor in the 1988 New Year Honours, for services to business management and the community. [10]

On 18 December 2019, various news outlets reported that Brierley had been arrested in Sydney on charges of possession of child sexual abuse material. [11] He pleaded guilty in 2021, and the process of his being stripped of his knighthood was begun by Jacinda Ardern, New Zealand's then prime minister. [12] [13] On 4 May 2021, Brierley informed the prime minister that he had resigned his knighthood. [14] [15]

Business career

Early career

Brierley began his career as the publisher of a horse racing tip sheet. He followed this with an investment analysis newsletter "Stocks and Shares" which he founded in 1956 at age 19. [16] This sought to identify undervalued special situations and suggest what could be done with the companies.

His first bid via R.A. Brierley Investments Ltd was for the Otago Farmers Co-Operative Association in July 1961, which had become attractive as a target due to its cheapness, its unusual legal structure and the company being moved to an unofficial NZX bourse due to failing to comply with exchange listing requirements. [16] While Brierley's offer was rejected, the company was forced into a change in policy and the market price of the company leapt upwards.

Other targets of Brierley's activist investment style in the 1960s and 1970s included the Southern Cross Building Society, the Finance Corporation of New Zealand, Citizens and Graziers and the Southern Farmers Co-operative Ltd in Australia. [16] He launched an unsuccessful US$1 billion hostile takeover of American building materials manufacturer CalMat Company in 1988. [17] Brierley's view was that his holding company, Brierley Investments Ltd, was "a monitoring organisation that continually evaluated the performance of various companies and acted as a catalyst to promote the most effective ownership of a company." [18]

Post BIL

On 29 March 1990, Brierley was appointed chairman of investment holding company Guinness Peat Group (GPG). As chairman Brierley publicly attacked and defeated the plan to merge the London Stock Exchange with Deutsche Börse in 2001. [19]

In December 2015, Brierley, through his new company, Mercantile Investments, launched a hostile takeover of Australian shipping company Richfield International. [20]

Political activities

Brierley was involved in local politics in Wellington in the 1950s and 1960s. He was a member of the Independent United Action Group which, under the leadership of Saul Goldsmith, campaigned to preserve the city's tramway system and halt drinking water fluoridation. At the 1959, 1962 and 1965 local elections, Brierley stood as a candidate for the Wellington City Council on the United Action ticket. He was unsuccessful (alongside all other United Action candidates) in all three attempts. [21] [22] [23]

Child sex abuse conviction

In December 2019, Brierley was stopped and detained at Sydney International Airport following an anonymous tip-off, and he was arrested after a search of his carry-on luggage had police officers discover a large quantity of child abuse material- more than 11,000 images and a number of videos featuring girls as young as four years old. [24] [25] [26] Subsequent searches of his home located 35,030 more chld sex abuse images. [25]

On 1 April 2021, Brierley pleaded guilty to three counts of possessing child abuse material. [27] The same day, the Prime Minister of New Zealand, Jacinda Ardern, announced that she had started moves to strip Brierley of his knighthood. [28] Brierley chose to forfeit his knighthood, [29] and it was announced on 14 May 2021 that Queen Elizabeth II had accepted his resignation and directed that the knighthood be annulled. [30]

On 14 October 2021, Brierley was sentenced to 14 months jail with a 7-month non-parole period. [31] [32] However, the New South Wales Court of Criminal Appeal allowed Brierley's legal team to challenge the term on 1 February 2022, on the basis of a claim that he had a "fear" of falling in the showrs. [24] The court was told that Brierley's health was deteriorating, and he was re-sentenced to 10 months jail with a 4-month non-parole period. [33] Brierley was subsequently released from jail on 13 February 2022. [33]

Brierley has Australian citizenship, so is unlikely to be deported to New Zealand after serving his sentence. If he was not, however, recent proposed changes by the then Morrison government to reduce the visa cancellation criterion to 12 months imprisonment (from 24 months) could still have seen him forcibly removed from Australia in the months ahead, and deported to New Zealand. [34]

Brierley was given a sentence of fourteen months with a minimum of seven months of incarceration. He had an operation to remove cancerous skin lesions shortly before commitment to the penitentiary. Due to inadequate medical facilities his incarceration time was reduced to four months and he began parole early.

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References

  1. ↑ "Insider Profiles – Ronald Brierley". Yahoo! Finance Australia & NZ. Archived from the original on 15 February 2006. Retrieved 21 November 2007.
  2. ↑ "GuocoLeisure Limited – Company Profile Snapshot" . Retrieved 28 December 2007.
  3. ↑ Dann, Liam (31 October 2007). "Name change severs link with Sir Ron". New Zealand Herald. Retrieved 21 November 2007.
  4. 1 2 "Brierley Chief Plans to Retire". New York Times. 28 August 1989. Retrieved 21 November 2007.
  5. ↑ "History". Island Bay School. Archived from the original on 17 September 2007. Retrieved 21 November 2007.
  6. ↑ Beyer, Georgina; Casey, Cathy (1999). Change for the better: the story of Georgina Beyer. Auckland: Random House. p. 18. ISBN   1-86941-371-7.
  7. ↑ "Examination of NZ Entreprepreneurs". McLean and Co. Retrieved 21 November 2007.
  8. ↑ Mark Russell, 'Lionheart' caught up in fight for stamps', The Age, 23 June 2014, p. 13
  9. ↑ Watts, Robert (16 July 2006). "Small beer for Brierley?". Daily Telegraph. Retrieved 21 November 2007.[ dead link ]
  10. ↑ "No. 51173". The London Gazette (3rd supplement). 31 December 1987. p. 33.
  11. ↑ "Reports businessman arrested over possession of child porn". Stuff. Retrieved 17 December 2019.
  12. ↑ "Multi-millionaire Kiwi investor pleads guilty to possessing child sexual abuse material". www.msn.com. Retrieved 1 April 2021.
  13. ↑ "Sir Ron Brierley pleads guilty to possessing child sexual abuse material in Sydney, Jacinda Ardern begins process to remove knighthood". Newshub. Retrieved 1 April 2021.
  14. ↑ "Ron Brierley gives up knighthood after child sex abuse material conviction". Radio New Zealand. Retrieved 4 May 2021.
  15. ↑ "Ron Brierley knighthood to go". The Beehive.
  16. 1 2 3 Carlisle, Tobias (2014). Deep Value: Why Activist Investors and other Contrarians Battle for control of Losing Corporations. USA: Wiley. pp. Chapter 7 (Kindle Edition). ISBN   978-1118747964.
  17. ↑ Bradsher, Keith (21 July 1988). "A Reluctant Brierly Will Sell Holdings in CalMat to Japanese". The Los Angeles Times. Retrieved 10 August 2024.
  18. ↑ Van Dongen, Yvonne (1990). The Man behind the Corporate Legend. New Zealand: Penguin Books (NZL). ISBN   0670831247.
  19. ↑ English, Simon (11 August 2000). "Exchange merger 'bad for investors'". The Telegraph. London. Archived from the original on 18 October 2022. Retrieved 18 October 2022.
  20. ↑ "Brierley's vehicle targets shipping firm". Stuff. 29 December 2015. Retrieved 31 December 2015.
  21. ↑ James, T.W. (30 November 1959). Declaration of Election Results (Report). Wellington City Council.
  22. ↑ James, T.W. (23 October 1962). Declaration of Election Results (Report). Wellington City Council.
  23. ↑ Petersen, G.A. (23 October 1965). Declaration of Election Results (Report). Wellington City Council.
  24. 1 2 Noyes, Jenny (18 February 2022). "Cancer biopsy, fear of showers: Why jailed tycoon was set free". The Sydney Morning Herald.
  25. 1 2 Mitchell, Georgina (1 February 2022). "Ron Brierley has prison sentence slashed after court told of declining health". The Sydney Morning Herald.
  26. ↑ "Anonymous tip led to Brierley being charged with possession of child porn". Newstalk ZB. New Zealand. Newstalk ZB, NZ Herald. 18 December 2019. Archived from the original on 18 October 2022. Retrieved 18 October 2022.
  27. ↑ "Sir Ron Brierley pleads guilty to possessing child abuse material". Stuff. 31 March 2021. Retrieved 31 March 2021.
  28. ↑ Mitchell, Georgina (1 April 2021). "Ronald Brierley faces being stripped of knighthood after guilty plea to possessing child abuse material". Sydney Morning Herald. Retrieved 1 April 2021.
  29. ↑ "Ron Brierley gives up knighthood after child sex abuse material conviction". RNZ. New Zealand. 4 May 2021. Archived from the original on 18 October 2022. Retrieved 18 October 2022.
  30. ↑ Webster, Michael (14 May 2021). "Resignation and Cancellation of an Honour" (PDF). New Zealand Gazette. Archived from the original (PDF) on 14 October 2021. Retrieved 10 August 2024.
  31. ↑ "Ron Brierley: establishment pedophile and his thousands of victims". NBR | The Authority since 1970. 20 October 2021.
  32. ↑ McKinnell, Jamie (14 October 2021). "Ron Brierley sentenced to 14 months' jail for possession of child pornography". ABC News. Retrieved 15 October 2021.
  33. 1 2 "Disgraced New Zealand businessman Ron Brierley released from Sydney jail after court told of declining health". The Guardian. Australian Associated Press. 13 February 2022. Archived from the original on 18 October 2022. Retrieved 18 October 2022.
  34. ↑ Pearce, Adam (2 April 2021). "Why Ron Brierley is now extremely unlikely to be deported as a 501 to New Zealand". The New Zealand Herald . Retrieved 16 October 2021.
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