Solomon Lew Australian businessman Date of Birth: 10.10.1945 Country: Australia

1. Biography of Solomon Lew
2. Early Career and Controversies
3. Investigations and Legal Troubles
4. Exclusion from 'Coles Myer' and Return to 'Premier Investments'
5. Personal Life

Biography of Solomon Lew

Solomon Lew is an Australian businessman and one of the wealthiest individuals in Australia. He specializes in importing clothing, toys, and other goods from China and has made market investments.

Early Career and Controversies

Lew previously held the position of director of the 'Coles Myer' group, but was later removed from his post due to his involvement in a series of financial scandals. During his tenure as chairman, Lew made a deal with 'Yannon Pty Ltd', resulting in 'Coles Myer' losing 18 million dollars. This loss led to the creation of his own company, 'Premier Investments', which helped Lew resolve some of his personal financial issues. However, suspicious financial transactions caught the attention of interested parties, exposing that 'Premier Investments' had purchased 'Coles Myer' shares using their own funds, with Lew playing a significant role in the transaction.

Investigations and Legal Troubles

After the retirement of the company's financial director, Phillip Bowman, more details of the transactions came to light. This prompted authorities to turn their attention to Lew, leading to a five-year investigation into possible legal violations. The Australian Securities and Investment Commission demanded that Lew be held accountable, but ultimately decided not to press formal charges. It was later revealed that the 'Yannon Pty Ltd' incident was not the only controversial transaction in Lew's history. The 'Etiket' trust fund, which acquired 2% of 'Coles Myer' shares in 1989, was another focus of investigation.

Exclusion from 'Coles Myer' and Return to 'Premier Investments'

In September 2002, Lew was excluded from the board of directors of 'Coles Myer' by the new chairman, Stan Wallis, a former banker. Wallis managed to convince major shareholders, including insurance companies, banks, and investment groups, to support Lew's exclusion. Despite spending around 10 million dollars in his campaign, Lew was unable to regain his position. In March 2008, he became the chairman of 'Premier Investments' and proposed the acquisition of 'Just Group', one of the largest Australian retailers. His offer was heavily criticized by analysts for its relatively small amount and lack of cash. Lew defended his strategy by claiming that 'Just Group' was in worse condition than the company admitted, but was accused of violating corporate ethics.

Personal Life

Solomon Lew is married and has three children, who play significant roles in his projects.