Anyone been following this story?
The gist of it is, a man by the name of Tim Johnston claimed to be about to release to the market a magic pill that would cut fuel consumption, emissions and boost performance in all internal combustion engines. National fuel consumption would drop 20% overnight. It was said to have been in development with technical assistance from general motors holden and the Australian military. He attracted an estimated amount in excess of $100 million from investors
He surrounded himself with substantial people. His business partners included Gordon Hill, a former West Australian police minister.
There was Warren Anderson, one of the country's better known property developers, and Grigory Luchansky, a Russian oligarch who regularly featured in newspaper stories around the world. Both the former governor-general Michael Jeffery and the then Queensland premier, Peter Beattie, turned up for Firepower-sponsored events.
Bill Moss, the former Macquarie Bank director, was scheduled to be the chairman of Firepower and Firepower's chief executive officer was John Finnin, one of Australia's most senior public servants
The Chief of Defence Force, Air Chief Marshal Angus Houston, the Deputy Chief of Navy, Rear Admiral Davyd Thomas, a former senior naval officer, Commodore Kevin Taylor, and the former air force chief, Air Marshal Errol McCormack, were all on board the dream as investors.
Firepower ended up becoming the biggest sponsor of sporting events in Australia. Firepower bought the sydney kings basketball team. Firepower became a major sponsor of the south sydney rabbitohs. Johnston began socialising with the two owners of the rabbitohs, Russell Crowe, the Oscar-winning Hollywood actor, and Peter Holmes a Court, one of Australia's best-known businessmen.
A group of Australian rules footballers decided Firepower was the next big thing. Leading the investment scramble was Mark Ricciuto, captain of the Adelaide Crows, and Wayne Carey, the former all-Australian captain. Carey told current and former players it was a great way to increase their money tenfold. Most Adelaide Crows signed up, including coaches.
Of course, it was all hype. It came crashing down in january this year, and Johnston has fled overseas. The Australian government has yet to request his extradition for some reason.
You can read more here
Where there's smoke, it's a job for Firepower - Business - Business - smh.com.au
Pop goes the pill prince
http://mpegmedia.abc.net.au/rn/podcast/current/audioonly/bst_20090430_0815.mp3
The gist of it is, a man by the name of Tim Johnston claimed to be about to release to the market a magic pill that would cut fuel consumption, emissions and boost performance in all internal combustion engines. National fuel consumption would drop 20% overnight. It was said to have been in development with technical assistance from general motors holden and the Australian military. He attracted an estimated amount in excess of $100 million from investors
He surrounded himself with substantial people. His business partners included Gordon Hill, a former West Australian police minister.
There was Warren Anderson, one of the country's better known property developers, and Grigory Luchansky, a Russian oligarch who regularly featured in newspaper stories around the world. Both the former governor-general Michael Jeffery and the then Queensland premier, Peter Beattie, turned up for Firepower-sponsored events.
Bill Moss, the former Macquarie Bank director, was scheduled to be the chairman of Firepower and Firepower's chief executive officer was John Finnin, one of Australia's most senior public servants
The Chief of Defence Force, Air Chief Marshal Angus Houston, the Deputy Chief of Navy, Rear Admiral Davyd Thomas, a former senior naval officer, Commodore Kevin Taylor, and the former air force chief, Air Marshal Errol McCormack, were all on board the dream as investors.
Firepower ended up becoming the biggest sponsor of sporting events in Australia. Firepower bought the sydney kings basketball team. Firepower became a major sponsor of the south sydney rabbitohs. Johnston began socialising with the two owners of the rabbitohs, Russell Crowe, the Oscar-winning Hollywood actor, and Peter Holmes a Court, one of Australia's best-known businessmen.
A group of Australian rules footballers decided Firepower was the next big thing. Leading the investment scramble was Mark Ricciuto, captain of the Adelaide Crows, and Wayne Carey, the former all-Australian captain. Carey told current and former players it was a great way to increase their money tenfold. Most Adelaide Crows signed up, including coaches.
Of course, it was all hype. It came crashing down in january this year, and Johnston has fled overseas. The Australian government has yet to request his extradition for some reason.
You can read more here
Where there's smoke, it's a job for Firepower - Business - Business - smh.com.au
Pop goes the pill prince
http://mpegmedia.abc.net.au/rn/podcast/current/audioonly/bst_20090430_0815.mp3
