Business
Cromwell’s managing director and founder Paul Weightman has put up the white flag and announced his retirement as Singapore’s ARA’s raid on the company gathers pace.
Business
Brisbane property fund Cromwell has signalled the end of managing director and founder Paul Weightman’s role with the company after 20 years.
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Hopes that the ARA proportional and hostile takeover would calm down and become more “collegiate” have been dashed as Brisbane-based property company Cromwell hit out at claims its profit reporting was faulty and a key adviser said there were no meaningful alternative strategies from the bidder.
Australian businessman Gary Weiss has raised questions over the Cromwell’s financial reporting as the two sides continue to contest ARA’s proportional takeover of the $2.6 billion Brisbane real estate company.
ARA has started dishing dirt on its takeover target Cromwell Group, claiming there had been a massive blowout in costs that included the company hosting 135 people at the Rugby World Cup in Japan.
Cromwell has claimed its investors could be shut out of decisions affecting the company as Singapore’s ARA increased its stake using creep exceptions.
