Latest news with #Vapold
AU Financial Review
26-06-2025
- Business
- AU Financial Review
$2.3m finally paid to end Deeming-Pesutto saga, but new crisis arises
Former Victorian opposition leader John Pesutto has repaid his colleague Moira Deeming's legal fees after getting a bailout from the Liberal Party, but members who oppose the rescue package are dragging it to court. Vapold, an entity associated with the Liberal Party, paid Deeming $1.55 million on Thursday morning, and Pesutto provided $750,000 from fundraising efforts to clear his debt to the first-term MP, who successfully sued him for defamation.
The Guardian
26-06-2025
- Business
- The Guardian
John Pesutto pays $2.3m defamation debt to Moira Deeming, avoiding bankruptcy
Former Victorian Liberal leader John Pesutto has paid $2.3m in legal costs owed to his colleague Moira Deeming, stifling a last-ditch effort by a fellow party member to block the payment. The payment, which made with the assistance of a $1.5m loan from the Victorian Liberal party, means Pesutto will avoid bankruptcy and be able to remain in state parliament as the member for Hawthorn. Last month, the federal court ordered Pesutto to $2,308,873 of Deeming's legal costs after it found in December that he repeatedly defamed the upper house MP by falsely implying she sympathised with neo-Nazis and white supremacists. The costs were in addition to the $300,000 in damages and $15,000 in interest Pesutto paid after the federal court judgment. Pesutto launched a fundraising campaign to help pay the bill but had to rely on a $1.5m loan from the Liberal party's investment vehicle, Vapold, which was approved by the administrative committee last Thursday. The payment of the costs removes the prospect of a court challenge, which was to be initiated by a member of the administrative committee, against Vapold providing the loan. More details soon …
The Age
26-06-2025
- Business
- The Age
Pesutto avoids bankruptcy after paying Deeming $2.3 million
Former Victorian Opposition leader John Pesutto has cleared his $2.3 million debt owed to colleague Moira Deeming after her successful defamation claim against him. A Liberal Party entity, Vapold, has paid Deeming $1.55 million on Thursday morning – in line with a decision by the party's administrative committee to loan the money to Pesutto – with Pessuto providing the rest from his own fundraising. The payments, confirmed by two sources unauthorised to publicly discuss them, remove any prospect of a mooted court challenge to Vapold making the loan and defuses a crisis that had threatened to force Pesutto into bankruptcy and out of parliament. Loading Deeming's defamation case, in which she successfully sued Pesutto for making the false inference that she associated with neo-Nazis, was funded by NSW property developer Grugeon Hilton.
Sydney Morning Herald
26-06-2025
- Business
- Sydney Morning Herald
Pesutto avoids bankruptcy after paying Deeming $2.3 million
Former Victorian Opposition leader John Pesutto has cleared his $2.3 million debt owed to colleague Moira Deeming after her successful defamation claim against him. A Liberal Party entity, Vapold, has paid Deeming $1.55 million on Thursday morning – in line with a decision by the party's administrative committee to loan the money to Pesutto – with Pessuto providing the rest from his own fundraising. The payments, confirmed by two sources unauthorised to publicly discuss them, remove any prospect of a mooted court challenge to Vapold making the loan and defuses a crisis that had threatened to force Pesutto into bankruptcy and out of parliament. Loading Deeming's defamation case, in which she successfully sued Pesutto for making the false inference that she associated with neo-Nazis, was funded by NSW property developer Grugeon Hilton.
The Guardian
19-06-2025
- Business
- The Guardian
Victoria Liberals bail out John Pesutto with $1.5m loan to avoid bankruptcy
The Victorian Liberal party will provide a $1.5m loan to former leader John Pesutto to ensure he can pay Moira Deeming's legal fees and avoid bankruptcy. The loan was debated by the 19-member administrative committee on Thursday night and ultimately endorsed after a secret ballot, which was proposed to limit any factional retribution within a deeply divided party. Deeming, also a Liberal MP, successfully sued Pesutto for defamation after he falsely implied she sympathised with neo-Nazis and white supremacists. She has expressed dismay that a loan was even considered and argued the use of party money to cover Pesutto's debts was 'against the grain of everything we believe as Liberals'. Sign up for Guardian Australia's breaking news email But Pesutto's supporters believe the loan is reasonable as his actions as opposition leader should have been indemnified. They also argue it will avoid a costly byelection in his seat of Hawthorn, which many insiders fear they will lose. The loan will help Pesutto pay Deeming's $2.3m in legal fees, which were financed by NSW property developer Hilton Grugeon. The remaining amount has been secured through private donors, the majority of whom remain so far undisclosed. The loan will be facilitated by the party's investment vehicle, Vapold, and come with several strict conditions. They include Pesutto offering his superannuation savings as collateral, securing personal guarantors and committing to ongoing fundraising efforts, with all proceeds to go towards repaying the principal of the loan. Pesutto would also be required to commit to a long-term repayment plan, with the loan to initially carry a commercial interest rate of about 6%. His supporters believe the party may reap $1m in interest by the time the loan is repaid. The 19-member committee included Davis, federal frontbencher Dan Tehan, former party president Greg Mirabella, and the party's treasurer, Karyn Sobels, who is also one of Vapold's directors. The vote count is not yet known due to the secret ballot but several Liberal sources, who declined to be named given the sensitivity of discussions, said many committee members were strongly opposed to it before the meeting began. Details of the proposed loan were not shared with committee members known to be opposed to it before the meeting. Some members have argued party money should be saved for trying to win elections, not to settle internal disputes. Others argue the loan will be deeply unpopular with rank-and-file members who have made their opposition clear in emails. Battin refused to answer questions about the loan during a press conference before the meeting, repeating his previous comments that his conversations with Deeming and Pesutto would 'remain confidential'. Battin said he was hoping to move on from the saga, 'whatever the result', and was determined to focus on things that 'are important to Victorians'. Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion 'I don't want to talk about it,' Battin said. 'Victorians don't want to talk about it. They want to talk about what's happening in crime. Victims [of crime] ... don't give two hoots what's happening inside the Liberal party. They care [that] someone came into their house with a knife or a gun to steal their car.' Last week, Deeming offered delayed payment of the $2.3m in legal costs on the condition her preselection was secured by the Liberal party, among other demands. The request was denied. Preselections for the upcoming 2026 state election are expected to begin later this year and Liberal party sources expect Deeming would face a challenge for the top spot of the western metropolitan ticket. Grugeon made a separate offer to Pesutto of a $1m, three-year loan, with monthly interest repayments, secured by his family home that is not in his name. Grugeon's offer also came with a condition that Pesutto not challenge for leadership of the Liberal party room during the loan period. If he did, Grugeon would immediately call in his debt. Pesutto declined the offer and told colleagues it was 'inappropriate to entertain it'. When contacted by Guardian Australia, Grugeon said he received legal advice before making the offer and that 'I have done nothing wrong'.
