Critics lack my vision —Bond

Press, 28 December 1988, Page 24

Critics lack my vision —Bond

Alan Bond, the driving force behind a multibillion dollar global brewing, property, resources and media empire, says his critics lack his vision.

“If my strategies are right, then the future generations that come behind me in Bond Corp will say ‘what vision you had’,” Bond, chairman of Bond Corp Holdings, told Reuters in an interview. Under attack from all sides over his company’s creditworthiness, ethics, and tactics, Bond responds that he is a misunderstood visionary practising modern business methods. “I can’t keep making short-term investments that please the stock market,” he said. “We’ve got 22,000 employees, we are providing for their future to the year 2000 and beyond.” Bond admits Bond Corporation has suffered damage this year with four public relations nightmares: an inquiry into his fitness to hold broadcasting licences; the collapse of a finance house with links to Bond; a legal battle over a SIOOM fee claimed by Bond Corp for financial advice to Tryart Pty in its takeover of John Fairfax, Ltd; and an attack on Bond by the British trading house, Lonrho pic. Bond declined to comment on his plans for Bond’s 21 per cent stake in Lonrho but analysts expect a bid early

in 1989. Bond has been hurt by charges m a report prepared by Lonrho that Bond Corp is “technically insolvent” and is bitter about an attack on him by the Lonrho chief executive, Tiny Rowland. “Public relations-wise you can do without that sort of thing but I suspect it will do him more harm than it will do us,” Bond said. Asked if his friendship with Rowland was over, Bond said: “There never was a friendship per se. There was a business acquaintance and I find it unacceptable that he uses his company’s money to persecute a shareholder and no doubt in the fullness of time he will have to pay it back.” Bond is also bitter about the recent S^ dinB °f Bond Corp credit risk by (Australian Ratings Pty, Ltd) two places *0 B — a rating he says vastly underestimates Bond. The problems identified by Australian Ratings were those spoken of by fund managers who avoid Bond companies: high gearing and a seemingly erratic business strategy.