Interactive Timeline

Timeline of Fund and Related Parties

1882: Elder Smith and Co Limited registered in South Australia on 13 July 1882 (ACN 007 869 294)

1893: Trustee Act 1893 (SA)

1910: Elder’s Trustee and Executor Company Limited registered in South Australia on 10 May 1910 (ACN 007 869 794)

1913: Provident and Guarantee Fund established for male officers of Elder Smith and Co Limited by a Deed of Trust executed on 23 December 1913. (ABN 60 171 679 448)

1919: Administration and Probate Act 1919 (SA) – Section 69 and Section 70

1921: Trust Deed for the Trustee Company Fund for male officers executed on 14 September 1921

1936: Trustee Act 1936 (SA) amends Trustee Act 1893

Law of Property Act 1936 (SA) Section 41- Execution and Attestation of Deeds

1947: Trust Deed for the Trustee Company’s Women Fund executed on 30 October 1947

1949: Trust Deed for Women’s Provident Fund executed on 12 July 1949

1953: Trustee Act Amendment Act 1953 adds Section 35B to the Trustee Act 1936 (SA).

1962: Elder Smith Goldsbrough Mort Limited registered in South Australia on 19 April 1962 (ACN 007 620 886)

1963: The Elder Smith & Co Limited Provident Funds Act 1963 passed by the South Australian Parliament to amend the terms of the 1913 and 1949 Trust Deeds.

1964: Deed of Variation executed on 5 March 1964 to amend the 1913 Trust Deed.

1971: The Elder’s Trustee and Executors Company Limited Provident Funds Act 1971 passed by the South Australian Parliament to amend the terms of the 1921 and 1947 Trust Deeds

1980: Deed of Variation purportedly executed on 1 May 1980 replacing “Former Rules” except for current Pensioners.

1981: During 1981 Elder Smith Goldsbrough Mort (ESGM), a major shareholder in Henry Jones IXL, had become the target of a hostile takeover by the financier Robert Holmes à Court and his company Bell Resources. It was conceivable that, if successful in acquiring ESGM. Bell Resources could easily gain control of Henry Jones IXL. When Bell had accumulated a 19.9% share of ESGM, a group of investors friendly to ESGM (which included Henry Jones IXL) initiated a defense by purchasing a separate 20% share. A bidding war became increasingly undesirable to all parties concerned. At that time a complex agreement was reached wherein a fourth company, Carlton & United Breweries, would acquire ESGM’s interest in Henry Jones IXL in addition to Bell Resources’ interest in ESGM. ESGM would then “acquire” Henry Jones IXL (the reverse actually occurred), to form a new company called Elders IXL. While ESGM did, in fact, acquire Henry Jones IXL for A$149 million, John Elliott and his management team assumed control of the new company. Carlton and United Breweries emerged from the compromise with a 49.4% “friendly” interest in Elders IXL.

1982: Five natural person Trustees (Two appointed by the Members, One appointed by the Pensioners and Two appointed by the Principal Employer) purportedly replaced by a sole corporate Trustee ACN 005 027 707 on 20 December 1982 {Registered in Victoria on 13 November 1973} where ALL the directors are appointed by the Principal Employer.

1983: During the two years since its compromise agreement with Bell Resources, Elders IXL considered its shareholding arrangement with Carlton & United to be undesirable, but had never found an opportune moment to resolve the issue. Suddenly, in November 1983 Elders was threatened by an indirect takeover as a result of its relationship with Carlton & United. An Australian investment company called Industrial Equity Limited (IEL) indicated its intention to take control of Carlton & United, which still held a 49.4% interest in Elders IXL. If successful in acquiring Carlton & United, IEL could easily gain control of Elders.

Elders was forced to mount an immediate defense. Within a week the company raised A$980 million through a syndicated bank loan, and announced its intention to acquire Carlton & United. Elders succeeded in purchasing not only IEL’s interest in Carlton & United, but several other large blocks of shares. Elders emerged with a majority of shares, and six months later completed its takeover of Carlton & United with the acquisition of all remaining shares.  Elders paid A$998 million for Carlton & United, using mostly borrowed funds.

1984: Members of the CUB Executive Superannuation Fund transferred into the Elders IXL Superannuation Fund.

1987: Occupational Superannuation Standards Act 1987 and Occupational Superannuation Standards Regulations.

1989: The former National Crime Authority launches a long-running investigation into John Elliott’s “reverse” takeover of Elder Smith Goldsbrough Mort Limited and subsequent transactions such as the $66.5 million “H-Fee” that Mr Elliott and his associates were accused of conspiring to steal from Elders IXL shareholders in 1988.

1990: Elders IXL delivers a then record loss of $1.3 billion. John Elliott steps down as president the Liberal Party of Australia.The company name is changed from Elders IXL Limited to Foster’s Brewing Group Limited, with Peter Bartels replacing John Elliott as CEO in May 1990.

1991: New Zealand business man Alan Hawkins and several of his management team were charged in 1991 with fraud. The main charge centred on a $66.5 million fee paid to Hawkins in backdated foreign exchange transactions in 1987-8. It related to an underwriting commitment by Elders IXL  over a A$500 million parcel of shares in BHP, held by Equiticorp Tasman subsidiary Beid.

Serious Fraud Office head Charles Sturt described the company and Hawkins’ running of it as a “web of deceit“.

Hawkins was sentenced to six years’ jail, by far the longest term among the Equiticorp executives. He was out in less than three. There were rumours he had stashed millions away in family trusts.

1992: Superannuation made compulsory for all employees by the Keating Government

1992: In March 1992 Ted Kunkel was appointed CEO of Foster’s Brewing Group Limited (formerly Elders IXL Limited), replacing Peter Bartels, and on 11 March 1992 was appointed as a Director of the purported sole corporate Trustee of the Elders IXL Superannuation Fund (renamed the FBG Superannuation Fund).

In June 1992 John Elliott departed from the Board of the renamed Foster’s Brewing Group Limited.

1993: Superannuation Industry (Supervision) Act 1993 (Cth)

1994: Superannuation Industry (Supervision) Regulations 1994 (Cth)

1995: Public Trustee Act 1995 (SA)

1996: Judge Vincent rules evidence gathered by former National Crime Authority against Mr John D. Elliott in inadmissible which led to the collapse of fraud charges against Mr Elliott. Even though Judge Vincent’s ruling was later overturned by the Victorian Court of Appeal, Mr Elliott was unable to be charged twice under the double jeopardy rule. Ken Jarrett pleaded guilty and spent six months in goal after agreeing to testify against Elliott and other Elders executives.

2000: John Elliott drops $75 million damages claim against the former National Crime Authority. In February 2000, Water Wheel Holdings Ltd and Water Wheel Mills Pty Ltd were placed into voluntary administration. John Elliott was a director of both companies.

2000: The Australian Securities and Investments Commission (‘ASIC’) commenced a proceeding in the Supreme Court of Victoria against the Mr John Elliott  and two other Directors of of Water Wheel Holdings Limited and Water Wheel Mills Pty Ltd. ASIC’s allegation was that each of the defendants had contravened s 588G of the Corporations Law  in respect of each of the companies, the companies having been insolvent as from 14 September 1999 or, alternatively, 3 October 1999.

2001: In March 2001 HIH Insurance Limited collapses resulting in a $5 Billion loss. Mr Geoffrey Cohen is the Chairman of HIH Insurance Limited

2003: In April 2003 Owen J delivers his HIH Royal Commission Report.

ASIC‘s proceedings against Mr Elliott to protect creditors of Water Wheel Holdings Limited are heard in the Supreme Court of Victoria in:

ASIC v Plymn, Elliott & Harrison [2003] VSC 123 (5 May 2003)

Australian Securities & Investments Commission v Plymin, Elliott & Harrison (No 2) [2003] VSC 230 (30 June 2003)

2004: The Full Court of the Federal Court dismisses an appeal in relation to bankruptcy proceedings against Mt Elliot in Elliott v Water Wheel Holdings [2004] FCAFC 253.

2004: Superannuation Safety Amendment Act 2004 (Cth)

2005: ASIC lays criminal charges against Mr Geoffrey Cohen, the former Chairman of HIH Insurance Ltd following its $5 Billion collapse in 2000 and the subsequent HIH Royal Commission.

John Elliott declares himself bankrupt.

2006: Purported sole corporate Trustee ACN 005 027 707 replaced by another purported sole corporate Trustee.

2007: John Elliott’s  bankruptcy annulled, after creditors accepted his offer to replay 2.5 cents for every dollar of his remaining $7.6 million debt.

In an interview with Monica Attard on the ABC on 4 Mach 2007 titled:

Big Jack – John Elliott on his release from bankruptcy and his plans for a corporate comeback

MONICA ATTARD: And the amount that was owing to ASIC?

JOHN ELLIOTT: $1.2 million, which was an estimate of their costs in the case that I lost against Water Wheel – the Water Wheel case where I was an outside director. Not the chairman. Not the chief executive. But in the end, I was held accountable for the total amount that the judge thought was due under the case, where he was totally wrong – that $1.5 million and then I had to pay ASIC’s costs of $1.2. I couldn’t afford it.

MONICA ATTARD: So how much will they end up getting?

JOHN ELLIOTT: Well their bill at the end was $1.2 million.

MONICA ATTARD: Of which they’ll get 2.3 per cent?


Mr Elliott owes $1.2 million to ASIC, $186,000 to the Australian Crime Commission and $262,000 to the Director of Public Prosecutions, all arising from legal disputes.

2009: APRA accepts enforceable undertaking from the former Chairman {1992-2001} of HIH Insurance Limited, Mr Geoffry Cohen after APRA disqualified Mr Cohen under Section 25A of the Insurance Act 1973 for his role in the $5 Billion collapse of HIH Insurance Limited.

2011: Trustee Regulation 2011 (SA)

On the 13 May 2011, Mr Greg Medcraft appointed the next Chairman of ASIC by the Administrator of the Commonwealth at the recommendation of the Labor Treasurer, the Hon Wayne Swam MP.

Proceedings in the Federal Court of Australia on 27 May 2011 {VID 323 of 2011}against the former Chairman of ASIC, Mr Tony D’Aloisio,  in relation to the contravention of Section 124 of the ASIC Act 2001 and his failure to conduct an unbiased investigation into allegations of the criminal contravention of Section 1017C of the Corporations Act 2001 . Evidence was latter obtained under the Freedom of Information Act 2001 that Mr D’Aloisio had also contravened Section 123 of the ASIC Act 2001 and had failed to disclose his pecuniary interests to two Responsible Ministers. Farfax Media also published an expose on the undisclosed pecuniary interests of Mr D’Aloisio.

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