Latest news with #Sydney-founded
The Age
06-08-2025
- Business
- The Age
The controlling mind, the ‘cover-up' and the critical flaw: Fresh claims against Richard White
Controversial WiseTech billionaire Richard White has been accused of turning a blind eye to a 'cover-up' to keep serious technical vulnerabilities from a potential purchaser of his anti-money laundering software business Kyckr. 'Mr White … stood to benefit from the removal of individuals unwilling to downplay material risk,' former chief technology officer Rebecca Glover has alleged in a wrongful dismissal claim. Glover also claims there was an 'organisational purge' against employees deemed disloyal to White. Glover and her colleague, Jason Davey, were fired on June 20, a week after Kyckr's chief executive officer, Kathy Phelan, was sacked. Davey and Glover have launched wrongful dismissal claims with the Fair Work Commission. Phelan is pursuing her own legal claim. 'There was no consultation, no support and no due process,' Davey's court claim said. Glover has alleged in court documents that she identified a 'critical cybersecurity flaw' which represented 'a major breach of technical and regulatory obligations' for the company. She also claims she raised concerns about a possible product liability risk arising from Kyckr's verification of UBOs (ultimate beneficial owner), 'which was returning inaccurate results to regulated clients' in up to 20 per cent of cases. UBO searches are crucial for preventing financial crime such as money laundering and terrorist financing by identifying the key owners of entities, even if they are owned through a complex web of companies. Court documents allege that Kyckr chief operations officer Steve Lamb and White were involved in her wrongful dismissal because she objected to concealing issues from a potential purchaser, Sydney-founded anti-money laundering solutions business Encompass Corporation. In her wrongful dismissal claim, Glover alleges she and Phelan were sacked for refusing 'to participate in this cover-up'.
Sydney Morning Herald
06-08-2025
- Business
- Sydney Morning Herald
The controlling mind, the ‘cover-up' and the critical flaw: Fresh claims against Richard White
Controversial WiseTech billionaire Richard White has been accused of turning a blind eye to a 'cover-up' to keep serious technical vulnerabilities from a potential purchaser of his anti-money laundering software business Kyckr. 'Mr White … stood to benefit from the removal of individuals unwilling to downplay material risk,' former chief technology officer Rebecca Glover has alleged in a wrongful dismissal claim. Glover also claims there was an 'organisational purge' against employees deemed disloyal to White. Glover and her colleague, Jason Davey, were fired on June 20, a week after Kyckr's chief executive officer, Kathy Phelan, was sacked. Davey and Glover have launched wrongful dismissal claims with the Fair Work Commission. Phelan is pursuing her own legal claim. 'There was no consultation, no support and no due process,' Davey's court claim said. Glover has alleged in court documents that she identified a 'critical cybersecurity flaw' which represented 'a major breach of technical and regulatory obligations' for the company. She also claims she raised concerns about a possible product liability risk arising from Kyckr's verification of UBOs (ultimate beneficial owner), 'which was returning inaccurate results to regulated clients' in up to 20 per cent of cases. UBO searches are crucial for preventing financial crime such as money laundering and terrorist financing by identifying the key owners of entities, even if they are owned through a complex web of companies. Court documents allege that Kyckr chief operations officer Steve Lamb and White were involved in her wrongful dismissal because she objected to concealing issues from a potential purchaser, Sydney-founded anti-money laundering solutions business Encompass Corporation. In her wrongful dismissal claim, Glover alleges she and Phelan were sacked for refusing 'to participate in this cover-up'.
Fashion Network
23-05-2025
- Business
- Fashion Network
Revolve acquires embattled Australian luxury brand Dion Lee
U.S. e-commerce fashion giant Revolve Group has reportedly acquired the IP-related assets of Dion Lee, just months after the embattled Australian luxury brand announced plans to close after failing to attract a buyer. See catwalk According to Australian media reports, the Los Angeles-based Revolve Group, which operates luxury multi-brand e-commerce platforms Revolve and Fwrd, has acquired the Sydney-founded brand's assets, for an undisclosed amount, with one outlet reporting the sale figure to be less than $1 million. Since last year, Antony Resnick, of the Australian insolvency firm DVT Group, has been on the hunt to find a saviour buyer for the now New York-based fashion brand, which filed for bankruptcy last May, following major investor Cue Clothing's withdrawal of its stake in the business. At the time of insolvency, the brand owed $35 million in total liabilities, including a $20 million loan from Cue Clothing. According to media reports, administrators sold more than 40,000 Dion Lee items at a huge discount in the second half of 2024 to recoup $9 million of debt. In November, Resnick announced a saviour buyer or investor could not be found and Dion Lee would close for good by year-end 2024. See catwalk Now with Revolve's rescue, it is believed that designer Dion Lee will stay on as creative director of the brand. Both Dion Lee and Revolve are yet to confirm the news. Dion Lee founded his eponymous fashion brand in 2009. In 2013, Australian brand and retailer Cue acquired a major share in Dion Lee, and a year later, the brand showed as part of New York Fashion Week, where it had been a mainstay until the spring/summer 2024 season. Earlier this month, Dion Lee-parent Revolve Group said first quarter sales rose 10% to $296.7 million, thanks to growth across all brand channels and geographies.
Fashion Network
23-05-2025
- Business
- Fashion Network
Revolve acquires embattled Australian luxury brand Dion Lee
U.S. e-commerce fashion giant Revolve Group has reportedly acquired the IP-related assets of Dion Lee, just months after the embattled Australian luxury brand announced plans to close after failing to attract a buyer. See catwalk According to Australian media reports, the Los Angeles-based Revolve Group, which operates luxury multi-brand e-commerce platforms Revolve and Fwrd, has acquired the Sydney-founded brand's assets, for an undisclosed amount, with one outlet reporting the sale figure to be less than $1 million. Since last year, Antony Resnick, of the Australian insolvency firm DVT Group, has been on the hunt to find a saviour buyer for the now New York-based fashion brand, which filed for bankruptcy last May, following major investor Cue Clothing's withdrawal of its stake in the business. At the time of insolvency, the brand owed $35 million in total liabilities, including a $20 million loan from Cue Clothing. According to media reports, administrators sold more than 40,000 Dion Lee items at a huge discount in the second half of 2024 to recoup $9 million of debt. In November, Resnick announced a saviour buyer or investor could not be found and Dion Lee would close for good by year-end 2024. See catwalk Now with Revolve's rescue, it is believed that designer Dion Lee will stay on as creative director of the brand. Both Dion Lee and Revolve are yet to confirm the news. Dion Lee founded his eponymous fashion brand in 2009. In 2013, Australian brand and retailer Cue acquired a major share in Dion Lee, and a year later, the brand showed as part of New York Fashion Week, where it had been a mainstay until the spring/summer 2024 season. Earlier this month, Dion Lee-parent Revolve Group said first quarter sales rose 10% to $296.7 million, thanks to growth across all brand channels and geographies.
Fashion Network
22-05-2025
- Business
- Fashion Network
Revolve acquires embattled Australian luxury brand Dion Lee
U.S. e-commerce fashion giant Revolve Group has reportedly acquired the IP-related assets of Dion Lee, just months after the embattled Australian luxury brand announced plans to close after failing to attract a buyer. See catwalk According to Australian media reports, the Los Angeles-based Revolve Group, which operates luxury multi-brand e-commerce platforms Revolve and Fwrd, has acquired the Sydney-founded brand's assets, for an undisclosed amount, with one outlet reporting the sale figure to be less than $1 million. Since last year, Antony Resnick, of the Australian insolvency firm DVT Group, has been on the hunt to find a saviour buyer for the now New York-based fashion brand, which filed for bankruptcy last May, following major investor Cue Clothing's withdrawal of its stake in the business. At the time of insolvency, the brand owed $35 million in total liabilities, including a $20 million loan from Cue Clothing. According to media reports, administrators sold more than 40,000 Dion Lee items at a huge discount in the second half of 2024 to recoup $9 million of debt. In November, Resnick announced a saviour buyer or investor could not be found and Dion Lee would close for good by year-end 2024. See catwalk Now with Revolve's rescue, it is believed that designer Dion Lee will stay on as creative director of the brand. Both Dion Lee and Revolve are yet to confirm the news. Dion Lee founded his eponymous fashion brand in 2009. In 2013, Australian brand and retailer Cue acquired a major share in Dion Lee, and a year later, the brand showed as part of New York Fashion Week, where it had been a mainstay until the spring/summer 2024 season. Earlier this month, Dion Lee-parent Revolve Group said first quarter sales rose 10% to $296.7 million, thanks to growth across all brand channels and geographies.
