Ray Joy, the former chief executive officer of beleaguered Australian meat processor Blue Ribbon Meat Products, yesterday told the courts that he was part of a group of investors linked to a A$2 (US$1.03) new company that last year acquired control of Blue Ribbon without money changing hands.
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During a public inquiry into the downfall of Blue Ribbon, Joy said he had assisted BRG Capital Facilitation, draft its successful bid for the failed meat processor last summer, although he had declined the group’s invitation that he and former Blue Ribbon chairman Graham Blight take ownership of the business.
The McKenzie Group was a nominee company for BRG, which acquired control of Blue Ribbon in October. The investment group of which Joy was a part did not want their identity closed for “ a number of sensitive reasons in Tasmania”.
