State s biggest business bust-ups of 2020 It was a year that tested businesses to the limit and as expected 2020 had its fair share of heavy-hitting Queensland business bust ups and defections.
Business by Emmaline Stigwood
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Subscriber only In a year that tested businesses like no other, 2020 saw plenty of executives switching allegiances, long-term business buddies breaking up and some major legal disputes hit the headlines.
SURF S OUT One of the biggest lawsuits of the year came when Billabong founder Gordon Merchant sued top tier tax firm EY for $58m. Mr Merchant, the Gold Coast surf lover who founded Billabong in 1973, filed a Supreme Court action outlining how following tax advice for a company sale in 2015 had allegedly ended with him being pursued by the tax office, penalised about $13m and banned from running his self managed super fund.
In 2017 the owners floated a plan to expand existing facilities, build a water park, a new 120-room resort hotel, glamping tents and a food hub. Email exchanges between the owners from December last year, revealed in court documents, showed a business relationship in decline. Mr Kendall and Mr Rankin disagreed on how much development and project manager Jim Costello should be paid as part of a services agreement. Over the past five years Mr Costello has been involved in the project he worked to get development approvals and state government grants. Big Pineapple co-owner Peter Kendall, manager Dean Croyden, co-owner Brad Rankin and renewal project manager Jim Costello pictured at Sunshine Coast Daily’s Future Sunshine Coast event.