Competition watchdog of Australia, Graeme Samuel has been able to secure a fraction of $50 million fortune in discount store chain DFO, which had been in danger because of a bad business deal that had been struck.
The stake in the parent firm of DFO, which Mr. Samuel owned, had been kept in a blind trust for the head of the Australian Consumer and Competition Commission and ex-AFL Commissioner.
This had not been learnt till the time the chain’s parent Company, Austexx, met with trouble in the previous week due to another $550 million spending into a big shopping, office and residential development project that is named as South Wharf in Melbourne.
The ongoing project met dearth in finances and the construction staff left resuming the work since they demanded to be paid the left-over amount.
Without informing Mr. Samuel, Austexx used nine of DFO stores, which as well included the popular complex, situated at Sydney’s Homebush that attracts a lot of shoppers each weekend, as a guarantee for the Melbourne operation.
Mr. Samuel secured an accord with Austexx directors discussing that from where all he would receive a few of his investment back. Mr. Samuel offered help for the rescue package, relieving fans of the well-liked DFO outlets.