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SBD Global/April 3, 2013/FinancePrint All
Australian billionaire Nathan Tinkler, under pressure from creditors, "is selling his Patinack Farm thoroughbred breeding and racing business as he seeks to repay debt," according to Soraya Permatasari of BLOOMBERG. The sale, including more than 1,000 racehorses, stallions and broodmares "will be conducted through an international marketing program in conjunction with Magic Millions Sales Pty and Ernst & Young LLP." The horses include stallions Casino Prince and Husson, racehorses Nechita and Pear Tart, as well as broodmares Sun Classique and Bel Mer (BLOOMBERG, 4/1). In Sydney, Chris Roots wrote a reported price tag of A$125M ($130.7M) is "believed to be well below what Tinkler is hoping to garner from the sale." However, an industry insider said: "If he thinks he is going to get A$150 million or more, he's more deluded than he was when he started this [operation]." Tinkler said, "Since its establishment in 2007, Patinack Farm has become a leading racing and breeding operation. As I am spending more time overseas, I do not have time to manage the business" (SYDNEY MORNING HERALD, 4/3).
The Institute of Chartered Accountants of India Tuesday said that "strict action could be taken" against former Reebok India CFO Vishnu Bhagat "if he failed to respond to the show-cause notice regarding the alleged fraud at the sportswear maker," according to the PTI. The ICAI "had issued the show-cause notice" to Bhagat, who had until March 31 to give his response. But the ICAI "is yet to receive any response." The issue relates to alleged Rs 870 crore ($159.8M) financial fraud at Reebok India last year (PTI, 4/2).