Who is Glenn Rosewall?
Glenn Rosewall was born on August 28, 1961. He began his professional career in institutional trading and investment banking. He worked as an intern at Peat Marwick Mitchell, which eventually amalgamated to establish KPMG in 1987.
Glenn Rosewall: Bio Summary
|Full name||Glenn Rosewall|
|Date of birth||August 28, 1961|
|Age||61 years old|
|Place of birth||Brisbane, Australia|
|Parent||Ken Rosewall, Wilma McIver|
|Grandparents||Robert Rosewall, Vera Rosewall|
A court has found that Glenn Rosewall, the son of tennis legend Ken Rosewall, was a “tyrant” and a “master of deception” who utilized astrological and psychic charts to operate Sydney stockbroking firm BBY. The most recent information was presented during a hearing for the liquidation of the failed brokerage. Arun Maharaj, a former chief executive, provided greater insight into the role psychic Nevine Pottinger, a worker for Glenn Rosewall, played in the business.
In 2012, Mr. Maharaj attempted to retire, but Mr. Glenn Rosewall decided to elevate him from chief financial officer to chief executive. Three months before BBY’s collapse, in February 2015, he finally announced his resignation from the company, citing a desire to spend more time with his family.
An email from Ms. Rottinger to Mr. Glenn Rosewall claimed that “wealth indications in BBY’s astrological charts” showed the company “needed to reduce spending” because of a linked aspect between Athena and Jupiter.” Liquidator KPMG’s lawyers read the email aloud in the NSW Supreme Courtroom. Mr. Maharaj, who was the chief executive at the time, received the email but claimed not to have read it.
“I remember receiving the email, and from what I recall, I was asking him for more cash at the time, and the board was under considerable pressure to improve the balance sheet.” When Mr. Maharaj attended a meditation class that Ms. Rottinger was teaching in July 2011, Ms. Rottinger entered the scene and introduced Mr. Rosewall, who was experiencing stress.
Soon after, according to Mr. Maharaj, the self-described “energetic healer” and clairvoyant was given access to BBY’s accounts, where she had her column to predict future sales, and Mr. Rosewall allegedly took her into his confidence. According to Mr. Maharaj, “She would change them and send them back to Glenn who would sign them off.”
Glenn Rosewall’s top-secret
The operation of BBY was under the strict control of Mr. Rosewall, who instructed staff members not to send any information via email. According to Mr. Maharaj, he questioned Mr. Rosewall about whether this was done to avoid leaving an electronic trail, and Mr. Rosewall allegedly denied it.
Mr. Muharaj claimed that he brought up the issues because he was “increasingly apprehensive” about money flowing from trust accounts into the business’ operating accounts. Allegedly, Mr. Rosewall blocked access to some trust accounts’ bank statements to himself, Mr. Maharaj, and former strategy manager April Yeung.
”He wanted to be aware of where all the money was coming from and going to”, according to Mr. Maharaj.
In response to protracted questioning, Mr. Maharaj acknowledged it was plausible that Mr. Glenn Rosewall’s actions were taken to ensure that no one in the company was aware of what was going on. According to Mr. Maharaj, Mr. Rosewall would offer quarterly summaries of the company’s performance, but they would contain “nothing important.”
“In addition to other things, Glenn refused to disclose revenue or expense figures with anyone”, according to the witness who testified in court.
The firm as a whole wouldn’t be aware of how the firm was operating, but team managers would receive budgets. Mr. Maharaj voiced concerns about the company’s solvency and expressed worry about bonuses not being paid, while Mr. Rosewall drew up too many payment plans with creditors, risking their expulsion.
Because he believed he was being taken advantage of, Mr. Rosewall “always had a problem paying individuals, paying contractors, and paying suppliers,” according to Mr. Maharaj.
Other former BBY employees testified earlier in the trial that Mr. Rosewall failed to disclose the company’s financial affairs to the board, which also included his father Ken Rosewall, and lawyer David Perkins.
Customers of BBY owed $61 million
Mr. Maharaj was questioned by SC Pritchard on a trend of budgets that were outrageously exaggerated and too optimistic.
According to Mr. Maharaj, “from my perspective, the commission income was there or thereabouts.”The court heard that BBY had projected a group loss of $4.5 million in 2014 due to declining equity returns, lower FX revenue, and staffing costs, but only nine months later recorded a $1.5 million profit. In answer to inquiries regarding the prediction, Mr. Maharaj stated, “I have not seen it; it was done after I departed”.
BBY, which failed in May 2015 amid allegations of insolvent trading, misusing client funds, and “severe deficiencies in corporate governance,” is still owing around 6,000 clients about $61 million. The legal action aims to build a case for recovering the deficit from other sources.