Francis John Nugan

Francis John Nugan (30 December 1942 in Griffith, New South Wales 27 January 1980 in Bowenfels, New South Wales[1]), known as Frank Nugan, was an Australian lawyer and merchant banker known for co-founding the Nugan Hand Bank.

Background

The son of German-born parents who arrived in Australia in 1939, Nugan attended the University of Sydney (Bachelor of Laws, 1964) and University of California, Berkeley (Master of Laws, 1965).[1]

Career

After graduating, Nugan spent several years in Canada before returning to Sydney in 1968 and becoming a solicitor. In 1970 Nugan was a director of mineral exploration company Meekatharra Minerals when it came to the stock market in an initial public offering.[1]

After prior share and land deals with New Yorker Michael Hand, Nugan set up with Hand the merchant bank Nugan Hand Ltd in 1973 with nominal share capital of $1m. Between 1976 and 1979 the bank's reported turnover rose from $30m to $1bn, as the bank opened offices in Hong Kong, Singapore, the Cayman Islands and Saudi Arabia.[1]

Nugan was also a director of Nugan Group Ltd, a company his brother Kenneth had built up into a major fruit and vegetable distributor. In 1978 Nugan and his brother were among those charged with conspiracy to defraud the company; the legal defense was funded in part by funds taken from the bank.[1]

Death

On 25 January 1980 Nugan was found dead in his car on an isolated dirt track near Bowenfels, New South Wales with a gunshot wound to the head, which the coroner concluded was self-inflicted.[1] Nugan had acquired a shooter's license on 7 January and the rifle the following day. The calling card of Nugan Hand's legal counsel, William Colby, was found in Nugan's pocket.[2] In the days preceding his death, Nugan had sought to arrange a move to Florida with his US-born wife and three young children, and appeared confident that he could leave his Australian legal troubles behind him.[2]

Continued speculation that Nugan had faked his own death, including a report from a businessman who said he saw and talked with Nugan while on a trip to the U.S., and was in hiding led authorities to exhume Nugan's body in February 1981. Dental records and fingerprints were used to confirm that the body was Nugan's.[3]

Notes

  1. 1 2 3 4 5 6 Frank Farrell (2000), Nugan, Francis John (1942–1980), Australian Dictionary of Biography, Volume 15, (MUP)
  2. 1 2 Sydney Morning Herald, 25 September 1980, The last 20 frantic day's of Frank Nugan's life: Desperate bid to save bank empire
  3. "Call For Further Tests On Body In Nugan Grave", Sydney Morning Herald, 9 February 1981
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