Telix subpoenaed by US regulator over cancer therapy
Melbourne-based Telix said on Tuesday it had notified the Australian Securities and Investments Commission about the subpoena, which it called a 'fact-finding request'.
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The Age
31 minutes ago
- The Age
The unsolved mystery over missing $25 billion Hermes windfall
The former adviser to an Hermes heir has died as a longstanding mystery over the whereabouts of company shares worth some €14 billion ($25 billion) remains unsolved. Eric Freymond worked for 24 years as a wealth manager to Hermes descendant Nicolas Puech before their relationship soured, leading to a court case in Geneva. The wealthy octogenarian Puech alleged that Freymond had played a role in the disappearance of some 6 million shares in Hermès International SCA that he had inherited. A decision by an appeals court in Geneva last year found no evidence that Freymond mismanaged Puech's fortune or that the reclusive, fifth-generation heir was duped over an extensive period during which time at least some of the stock was sold. Freymond denied all allegations of wrongdoing. Freymond's lawyer Yannis Sakkas confirmed the death, saying he was 'deeply shocked by the terrible news'. Freymond was 67. The dispute over Puech's stake in Hermes was one of the most enduring mysteries in the fallout from one of France's most high-profile corporate battles. A recent twist came from a lawsuit filed in March in Washington, DC, in which Puech was accused of failing to deliver the $US16 billion of Hermes shares as part of a sale agreement. His lawyer said his client was not involved in the deal. More than a decade ago, Bernard Arnault, luxury goods rival and founder of conglomerate LVMH, revealed he had stealthily amassed a stake in Hermes. Descendants controlling Hermès came together and successfully fought the unwelcome advance. The fate of Puech's shares was never clarified, even after Arnault's 2014 agreement with the Hermes clan to start unwinding his stake. The enigma deepened in 2023, when Puech accused Freymond of mishandling his holdings. The Hermes clan, which counts more than 100 members, is one of Europe's richest families. Should Switzerland-based Puech still hold his stake, he would be the single largest investor in the purveyor of Birkin handbags and colourful silk scarves that was founded in 1837.
Sydney Morning Herald
4 hours ago
- Sydney Morning Herald
The unsolved mystery over missing $25 billion Hermes windfall
The former adviser to an Hermes heir has died as a longstanding mystery over the whereabouts of company shares worth some €14 billion ($25 billion) remains unsolved. Eric Freymond worked for 24 years as a wealth manager to Hermes descendant Nicolas Puech before their relationship soured, leading to a court case in Geneva. The wealthy octogenarian Puech alleged that Freymond had played a role in the disappearance of some 6 million shares in Hermès International SCA that he had inherited. A decision by an appeals court in Geneva last year found no evidence that Freymond mismanaged Puech's fortune or that the reclusive, fifth-generation heir was duped over an extensive period during which time at least some of the stock was sold. Freymond denied all allegations of wrongdoing. Freymond's lawyer Yannis Sakkas confirmed the death, saying he was 'deeply shocked by the terrible news'. Freymond was 67. The dispute over Puech's stake in Hermes was one of the most enduring mysteries in the fallout from one of France's most high-profile corporate battles. A recent twist came from a lawsuit filed in March in Washington, DC, in which Puech was accused of failing to deliver the $US16 billion of Hermes shares as part of a sale agreement. His lawyer said his client was not involved in the deal. More than a decade ago, Bernard Arnault, luxury goods rival and founder of conglomerate LVMH, revealed he had stealthily amassed a stake in Hermes. Descendants controlling Hermès came together and successfully fought the unwelcome advance. The fate of Puech's shares was never clarified, even after Arnault's 2014 agreement with the Hermes clan to start unwinding his stake. The enigma deepened in 2023, when Puech accused Freymond of mishandling his holdings. The Hermes clan, which counts more than 100 members, is one of Europe's richest families. Should Switzerland-based Puech still hold his stake, he would be the single largest investor in the purveyor of Birkin handbags and colourful silk scarves that was founded in 1837.
News.com.au
6 hours ago
- News.com.au
Victorian harness racing to receive a $3 million funding injection from September 1
VICTORIAN harness racing has received a much-needed boost with a new $3 million injection of funding from September 1. In partnership with the Victorian State Government's Victoria Racing Industry Fund, the new funding will be delivered so it will be directly invested back into the industry to bolster ownership and breeding. The bulk of the $3 million will come through $2.76 million of $5000 vouchers across 552 Victorian races. Importantly, the vouchers can be spent on purchasing a Vicbred Pure or Platinum yearling at the Australian Pacing Gold or Nutrien sales or by compensating a Victorian-registered stallion to a Victorian-based mare. Nutrien Equine Manager Mark Barton lauded the initiative and said the timing was critical. 'This is terrific. Not only does it mean this extra money will be invested directly back into the sport, but I've got no doubt it will see a significant increase in the sheer volume of bids on yearlings,' he said. 'The top end of the market remains quite strong, but it's that second tier we've been struggling for competitive bidding and this initiative plays directly to that space. 'When you roll that into the direct benefits, I think each $5000 voucher will have an actual value well beyond that, maybe another 50 per cent or so on top. 'We will be able to tangibly see this money working for the industry.' Harness Racing Victoria chief executive Matt Isaacs said the initiative was locked in for two years. 'These vouchers will further reward owners and breeders and encourage them to build on their proud involvements with Victorian harness racing,' he said. 'Hundreds of owners and breeders over the next two years will be gifted huge incentives to breed in Victoria, which is a win for all involved in the sport.' The vouchers will be distributed in three key ways: · $750,000 across 150 maiden race winners from September 1, 2025 to November 30, 2026 · $750,000 across 150 open-age race winners from September 1, 2025 to November 30, 2026 · $1.25 million across 250 winning owners and breeders of the 2025 and 2026 Vicbred Super Series heats, semi-finals, finals and consolations Harness Breeders Victoria president John Coffey said the timing was 'perfect'. 'This is absolutely the best news Victoria can have at the moment,' he said. 'It will certainly be very positive for the yearling sales (early) next year.' The remaining $240,000 of the Government support will supplement costs of the crucial microchipping of all foals born in Victoria through a $250 rebate to owners.
