John Elliott (businessman)

From Wikipedia, the free encyclopedia

This does not cite its references or sources.
Please help improve this article by introducing appropriate citations. (help, get involved!) This article has been tagged since June 2006.

For other persons named John Elliott, see John Elliott (disambiguation).

John Dorman Elliott (born 1941) is a prominent Australian businessman, former president of the Liberal Party, and former president of Carlton Football Club. In 2003 he was found guilty of trading while insolvent and in 2005 declared bankruptcy. He has frequently provoked controversy due to his political affiliations, his brushes with the law, and his abrasive personal style.

[edit] Education

Elliott graduated from the Commerce Faculty of the University of Melbourne. He later attended the Melbourne Business School, graduating with an MBA.

[edit] Successful career

Elliott was an employee of McKinsey, the global consulting firm. From there, he and several partners acquired control of a listed jam manufacturer IXL.

Elliott and his team built the company up through a string of acquisitions throughout the late 1970s and 1980s, including Australian corporate icons Elders Limited an agricultural services concern, Carlton and United Breweries now part of the Foster's Brewing Group and Australia's largest beer manufacturer, and Henry Jones IXL food manufacturer.

During this time he was also a high-profile President of Carlton Football Club. Whilst he was an effective advocate for the Club on a range of issues, the team under his presidency was only able to win two premierships.

In 1985 Elliott's company - by then called Elders IXL - played an important role in fending off Robert Holmes a Court's attempted takeover of diversified mining company BHP. Elders bought a large share in BHP which blocked Holmes a Court's attempt to take control. As a result Elliott joined the BHP board. He then attempted a management buyout of Elders, but this was unsuccessful and left his A$80 million fortune considerably reduced.

Subsequently National Crime Authority investigated a foreign exchange transaction undertaken by Elders. Though one of his executives was jailed, Elliott was acquitted of criminal charges. He accused the NCA of a vendetta inspired by the then Labor government and motivated by his position as Liberal Party President (which he held from 1987 to 1990). After his acquittal, he launched civil action for damages, which was ultimately unsuccessful.

[edit] Later developments

In 2002 Elliott was removed from the post of President of the Carlton Football Club which he had held for two decades. His term ended when the Club was found to have breached the Australian Football League's salary cap conditions which prompted large fines and other penalties. In a move some thought to be ungracious given his long service, his name was removed from the club signs at Optus Oval, Princes Park, Carlton Football Club's home for over one hundred years.

Elliott's venture into rice milling with Water Wheel Holdings led to a corporate collapse in 2000. In 2003 the Victorian Supreme Court ordered him to pay grain suppliers, farmers, and trade creditors A$1.4 million in compensation for allowing Water Wheel to trade while insolvent. He declared himself bankrupt in 2005, owing money to 14 creditors, including the Australian Taxation Office, the Australian Crime Commission, the Victorian Director of Public Prosecutions, and the Australian Securities and Investments Commission.