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High profile executive to pay $43 million for breaches | ticker VIEWS

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Australian Electronics giant, Dick Smith, went into receivership back in 2016. Now, the New South Wales Supreme Court is ordering a former executive of the company to pay $43 million.

High profile exec owes $43 million

Former high profile executive, Michael Potts now owes $43 million, plus interest, to the National Australia Bank. Potts was the Chief Financial Officer of the company in 2013 and 2016. Working alongside the Former Chief executive, Nicholas Abboud, both men, breached their duties.

Two banks associated with the company, NAB and HSBC, had become implemented as their lenders. They both began launching a legal suit against both Potts and Abboud, after suspicions of misleading and deceptive information.

The banks say they were falsely led to enter a syndicated loan. A syndicated loan provides a structured arrangement by a group of lenders. However, this syndicated loan, was based on misleading statements on the company’s financial position.

Also, further breaches were made by allowing the company to base its stock purchasing habits to “maximise rebates” from suppliers, rather than consumer demand. With concerns, they also paid more than $28 million in dividends, when the company simply couldn’t afford it.

The technology retailer entered the syndicated agreement with NAB and HSBC. During the agreement NAB agreed to give a working capital of $75 million. HSBC agreed to an overdraft financing facility, of up to $80 million.

In court, Justice Michael Ball says this was all given based off false information.

“Dick Smith Holdings was facing serious problems with its liquidity….  The true position was that it needed additional funds because it was in financial difficulties.” Justice Michael Ball

Dick Smith has since been taken over by Kogan.com and now operates solely in the e-commerce space, with no relation to this legal case.

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Is the US playing cat and mouse ahead of expected Albanese-Trump talks?

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View from The Hill: Is the US playing cat and mouse ahead of expected Albanese-Trump talks?

Michelle Grattan, University of Canberra

For the first time in memory, an Australian prime minister is approaching a prospective meeting with a US president with a distinct feeling of wariness.

Of course Anthony Albanese would deny it.

But it’s undeniable the government is relieved that Albanese’s coming trip (for which he leaves Friday) won’t feature a visit to Washington with a meeting in the Oval Office. Having seen what happened publicly to some other leaders in such encounters, Albanese has at least avoided any such risk. Instead, Albanese and President Donald Trump are expected to meet on the sidelines of the G7 in Canada.

Think about this. Normally, an Australian prime minister heading to North America would be deeply disappointed at not receiving an invitation to Washington, especially when he had not yet met the president face to face (although Albanese and Trump have had phone calls).

The non-Washington encounter is less hazardous but still highly unpredictable for Albanese.

It could go swimmingly. But that will depend on Trump’s mood on the day and what briefings he has had. And who can make sound predictions about any of that? Australian officials find the White House difficult to deal with or read.

Now, on the cusp of Albanese’s trip, a US review of AUKUS has become public.

The story appeared in the Financial Times, which quoted a Pentagon spokesperson saying the departmental review was to ensure “this initiative of the previous administration is aligned with the president’s ‘America First’ agenda”. The spokesperson noted US Defence Secretary Pete Hegseth had “made clear his intent to ensure the [defence] department is focused on the Indo-Pacific region first and foremost”.

The review is to be led by the undersecretary of defence for policy, Elbridge Colby, who months ago flagged the US wanted Australia to be spending some 3% of GDP on defence. This was upped to 3.5% in a recent meeting between Defence Minister Richard Marles and Hegseth.

The Australian government is playing down the AUKUS review as being more or less routine. Marles said he has known about it for some time. He told Sky, “I am comfortable about it and I think it’s a pretty natural step for an incoming government to take and we’ll have an opportunity to engage with it”.

Nevertheless, the fact of the review and the timing of the report about it will turn the screws on Albanese over defence spending.

The prime minister makes two points on this – that Australia takes its own decisions, and that defence spending should be set on the basis of the capability needed rather than determined by a set percentage.

But there is a general view among experts that Australia will need to boost substantially its spending. Albanese won’t want to capitulate on the issue, but he will need some diplomatic lines. He could point out Australia has its next Strategic Defence Review in 2026. This is more an update on delivery than a fundamental review but could give an opportunity for a rethink.

On AUKUS, Albanese will want to reinforce its mutual benefits and importance. He canvassed AUKUS in his first call with Trump, after the presidential election.

The president may or may not be briefed on the latest attacks on the pact by two former prime ministers, triggered by the review.

Paul Keating, an unrelenting critic of the agreement, said in a statement the AUKUS review “might very well be the moment Washington saves Australia from itself”.

Malcolm Turnbull said in a social media post that the United Kingdom and the United States are conducting reviews of AUKUS but “Australia, which has the most at stake, has no review”.

The Trump–Albanese conversation could be complicated by the Australian government’s imposition this week of sanctions on two hardline Israeli ministers for inciting violence against Palestinians in the West Bank.

This action, in concert with the United Kingdom, Canada, New Zealand, and Norway, was immediately condemned by US Secretary of State Marco Rubio, who called for the sanctions to be withdrawn.

All this before we even get to the issue of tariffs, and Australia offering a deal on critical minerals to try to get some concessions.

There is a lot of scripting prepared before such meetings. Albanese will have his talking points down pat. But with Trump being an “off-script” man, it is not an occasion for which the PM can be confident ahead of time that he is fully prepared.

But Albanese has one safeguard, in domestic political terms. If things went pear-shaped Australians – who have scant regard for Trump – could be expected to blame the president rather than the prime minister.

Michelle Grattan, Professorial Fellow, University of Canberra

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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Q+A follows The Project onto the scrap heap – so where to now for non-traditional current affairs?

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Q+A follows The Project onto the scrap heap – so where to now for non-traditional current affairs?

Denis Muller, The University of Melbourne

Two long-running television current affairs programs are coming to an end at the same time, driving home the fact that no matter what the format, they have a shelf life.

The Project on Channel 10 will end this month after 16 years, and after 18 years on the ABC, Q+A will not return from its current hiatus.

Each was innovative in very different ways.

Q+A was designed specifically to generate public participation. Its format of five panellists, a host and a studio audience of up to 1,000 was a daring experiment, because the audience was invited to ask questions that were not vetted in advance.

This live-to-air approach gave it an edgy atmosphere not often achieved on television. From time to time, the edginess was real.

In 2022, an audience member made a statement supporting Vladimir Putin’s invasion of Ukraine and repeated Russian propaganda to the effect that Ukraine’s Azov battalion was a Nazi group that had killed an estimated 13,000 people in the Donbas region.

After a brief discussion of these allegations, the host Stan Grant asked the man to leave, saying other audience members had been talking about family members who were dying in the war, and he could not countenance the advocating of violence.

In 2017 the Sudanese-Australian writer Yassmin Abdel-Magied was involved in a fiery exchange with Senator Jacqui Lambie over sharia law.

They had been asked by an audience member if it was time to define new rules surrounding migration to avoid community conflict, to which Lambie replied: “Anyone that supports sharia law should be deported.”

Abdel-Magied questioned if Lambie even knew what that meant, before getting into a heated defence of feminism and Islam.

In 2024, an audience member listening to politicians on the panel debate family violence could not contain his frustration, calling out:

How dare you go into politics, in an environment like this, when one woman is murdered every four days, and all you […] can do is immediately talk about politics? That is just disgraceful.

His outburst went viral.

He had put his finger on what was an increasing problem with the program. It became hostage to fixed political positions among those of its panellists drawn from party politics.

As a result, it became predictable, and although the surprise element supplied by audience participation remained a strength, the panellists’ responses increasingly became echoes of their parties’ policies.

While the objective no doubt was to achieve a range of perspectives, it began to look like stage-managed political controversy.

This is not to criticise the established presenters – Tony Jones, who fronted the program for 11 years, Stan Grant and most recently Patricia Karvelas, all gifted journalists who adroitly managed the time bombs occasionally set off in their midst.

Unfortunately, especially for Grant, the program was a lightning rod for attacks on the ABC by The Australian newspaper. ABC management’s abandonment of him, after a particularly vicious attack in 2023 over his commentary during coverage of the king’s coronation, was disgraceful.

Resigning from the program, Grant said: “Since the king’s coronation, I have seen people in the media lie and distort my words. They have tried to depict me as hate filled. They have accused me of maligning Australia. Nothing could be further from the truth.”

The ABC is promising to continue with audience-participation programming along the lines of Your Say, a kind of online questionnaire which the ABC says was successfully tried during the 2025 federal election.

How such a format would translate to television is not clear.

Meanwhile at Ten, there is promise of a new current affairs program, but details are scant.

The Project will be a hard act to follow. It promised “news done differently” – and it delivered. News stories were given context and a touch of humanity by a combination of humour, accidents, slips of the tongue and the intellectual firepower of Waleed Aly.

Aly is a Sunni Muslim, and his “ISIL is weak” speech in 2015 spoke directly and passionately to the fears of the public at the peak of one of the many panics over terrorism.

Inevitably, much of the attention in the wake of the announced closure has been on the celebrated gaffes of long-time presenter Carrie Bickmore, a little rich to be reproduced in a sober article such as this, but findable here.

It may not be an auspicious time for launching a new current affairs program at Ten. Its ultimate parent company, Paramount, in the United States, is in the process of negotiating a settlement with US President Donald Trump over a trumped-up court case in which the president is suing the company for US$20 billion (A$30.7 billion).

He says an interview done by another Paramount company, CBS News, with the Democrats’ former presidential nominee Kamala Harris during the election campaign was “deceptively edited”.

This is said to have no prospect of succeeding in court, but Paramount wishes to merge with Skydance Media and fears the Trump administration would block it if the company doesn’t come across. The Wall Street Journal is reporting it is proposing to settle for $15 million.

Senior editorial staff at CBS have already resigned in protest at Paramount’s cowardice, so what price editorial independence at Ten?

Denis Muller, Senior Research Fellow, Centre for Advancing Journalism, The University of Melbourne

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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In Trump’s America, the shooting of a journalist is not a one-off

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In Trump’s America, the shooting of a journalist is not a one-off. Press freedom itself is under attack

Peter Greste, Macquarie University

The video of a Los Angeles police officer shooting a rubber bullet at Channel Nine reporter Lauren Tomasi is as shocking as it is revealing.

In her live broadcast, Tomasi is standing to the side of a rank of police in riot gear. She describes the way they have begun firing rubber bullets to disperse protesters angry with US President Donald Trump’s crackdown on illegal immigrants.

As Tomasi finishes her sentence, the camera pans to the left, just in time to catch the officer raising his gun and firing a non-lethal round into her leg. She said a day later she is sore, but otherwise OK.

Although a more thorough investigation might find mitigating circumstances, from the video evidence, it is hard to dismiss the shot as “crossfire”. The reporter and cameraman were off to one side of the police, clearly identified and working legitimately.

The shooting is also not a one-off. Since the protests against Trump’s mass deportations policy began three days ago, a reporter with the LA Daily News and a freelance journalist have been hit with pepper balls and tear gas.

British freelance photojournalist Nick Stern also had emergency surgery to remove a three-inch plastic bullet from his leg.

In all, the Los Angeles Press Club has documented more than 30 incidents of obstruction and attacks on journalists during the protests.

Trump’s assault on the media

It now seems assaults on the media are no longer confined to warzones or despotic regimes. They are happening in American cities, in broad daylight, often at the hands of those tasked with upholding the law.

But violence is only one piece of the picture. In the nearly five months since taking office, the Trump administration has moved to defund public broadcasters, curtail access to information and undermine the credibility of independent media.

International services once used to project democratic values and American soft power around the world, such as Voice of America, Radio Free Europe and Radio Free Asia, have all had their funding cut and been threatened with closure. (The Voice of America website is still operational but hasn’t been updated since mid-March, with one headline on the front page reading “Vatican: Francis stable, out of ‘imminent danger’ of death”).

The Associated Press, one of the most respected and important news agencies in the world, has been restricted from its access to the White House and covering Trump. The reason? It decided to defy Trump’s directive to change the name of the Gulf of Mexico to Gulf of America.

Even broadcast licenses for major US networks, such as ABC, NBC and CBS, have been publicly threatened — a signal to editors and executives that political loyalty might soon outweigh journalistic integrity.

The Committee to Protect Journalists is more used to condemning attacks on the media in places like Russia. However, in April, it issued a report headlined: “Alarm bells: Trump’s first 100 days ramp up fear for the press, democracy”.

A requirement for peace

Why does this matter? The success of American democracy has never depended on unity or even civility. It has depended on scrutiny. A system where power is challenged, not flattered.

The First Amendment to the US Constitution – which protects freedom of speech – has long been considered the gold standard for building the institutions of free press and free expression. That only works when journalism is protected — not in theory but in practice.

Now, strikingly, the language once reserved for autocracies and failed states has begun to appear in assessments of the US. Civicus, which tracks declining democracies around the world, recently put the US on its watchlist, alongside the Democratic Republic of Congo, Italy, Serbia and Pakistan.

The attacks on the journalists in LA are troubling not only for their sake, but for ours. This is about civic architecture. The kind of framework that makes space for disagreement without descending into disorder.

Press freedom is not a luxury for peacetime. It is a requirement for peace.

Peter Greste, Professor of Journalism and Communications, Macquarie University

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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