Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Disclaimer: The Parliamentary Library does not warrant or accept liability for the accuracy or usefulness of the transcripts.These are copied directly from the broadcaster's website.
Lateline Business -

View in ParlViewView other Segments

Stones, to 1988 with U2.And a couple of year ago the same sound gave Aussie rockers jap jet a
worldwide smash. Even his stage moves sparked countless imitators, though his famous rectangular
guitar was his and his alone.

Is there any particular reason for playing a guitar like that?

It's another thing, I wanted to be different. I got me a different guitar. I made it square and I
own the patent to it, I've got six of them.

Born in Mississippi in 1928 as ella Otis Bates he never knew his parents and was raised by his aunt
who supplied him with his first instrument a violin.

She bought it for me. It was $19. And I took it home and learned how to play.

After hearing John Lee Hooker he moved to Chicago, changes his name and took up guitar.

Chuck Berry and Bo Diddley were the first two people out here to be called rock and roll.

But he never felt he got true recognition for his contribution .

I've been sitting back in the back just wondering when is people going to wake up and give credit
where credit is due.

Critics acknowledged his beat as the most plaidge rised sound of the 20th century but success
didn't automatically follow. Where Elvis Presley and Chuck Berry purposely aimed for commercial
success by appealing to a younger audience. Bo Diddley always wanted to try something new.

Chuck was quite different type of artist than I was and his things caught on because he was more
right in the now thing at that particular time. And me, I was about 10 years ahead of myself
because nobody knew what I was playing.

That insight came during an interview with the ABC during Bo Diddley's 1972 tour of Australia, one
of his many to this country. His constant touring was a means to an end. His innovations never made
him wealthy.

How much longer can a cat stay out here, you know? I don't intend to be an old man jumping around
playing a guitar, you know.

That wish never came true.

I'm here, baby, and we're going to rage.

The last known concert footage of Bo Diddley was shot during last year's east coast Blues and scat
roops festival in Byron Bay where he played an hour-long set at the age of 78.

I just got out of the hospital with an operation and I said I'm not going to disappoint them, I'm
going.

It was his last full gig. His next concert a month later back in the US, he had a stroke and
collapsed on stage never making a full recovery. He lift left his audiencience with one last pearl
of wisdom.

Keep your jar of vegemite right by your bed, baby. And everything will be alright, OK.

Bo Diddley was 79. The organiser of the buy ran bay blues festival are planning on releasing that
footage of Bo Diddley on a special tribute DVD in comes weeks. If you'd like to look back at
tonight's interview with Kostas Stamoulis or review any transcripts or stories you can visit our
website. Now 'Lateline Business' with Ali Moore. Thanks Leigh. Tonight a blueprint of change an
overhaul of the country's financial services regulation.

Single, simpler standard regulation can be much more effective regulation than six states and two
territories.

Spending sphree, NSW and Queensland hand down their budgets.

A definite pressure on inflation from those infrastructure spends but overall those infrastructure
spends are critical for providing the ongoing productive capacity.

And recession proof, despite a slowing economy, Metcash posts a solid rise in earnings.

Logic says is the consumer's feeling the binch but we don't see it in our sales numbers.

To the markets and following Wall Street's lead Australian shares fell today to a 5-week low.
Renewed concerns about the global credit crisis saw the All Ords drop 78 points. The ASX 200 shed
1.5% with the big banks leading the declines. In Japan the Nikkei fell for a fourth day.The In
London the FTSE has come off earlier losses. The Federal Government is taking aim on margin
lending, mortgage brokers an property spruiker as part of an overhaul of financial regulation. The
centrepiece of the plan is to console date a number of state-based laws into a federal scheme,
while a simpler national scheme is welcome, experts argue it won't prevent future high profile
collapses like West Point or Opes prime. Six months into its term and the Federal Government is
promises to reform laws covering financial services.

That's all about protecting mums and dads who are consuming financial services and it's also about
better regulation.

The Government has released a green paper on the finance industry which looks at giving the
Commonwealth power over mortgage broking, margin lending, non-bank lending and trustie companies.
The paper will also invite comment on de-Ben churs and so-calmed property sphruckers. It aims to
provide a single legal framework for the vast majority of financial contracts.

I think you have to be careful in saying regulation will solve if problems of world. I won't. It
will make the industry cleaner than it is now. There will always be someone having a go at ripping
someone off and we have to deal with those practice as they go along but strong regulation is
better than no regulation or patchy regulation.

There can be some good arguments for state regulation, the case has to be made for national
regulation but I believe the green paper today does successfully argue for better national
regulation in select areas.

Reg he argues is undermined by consistent state codes. That view is supported by the Australian
bankers association and the mortgage and financial association

We've regulated the industry as best we can through our own moib which is a majority of the
industry but there are people on the edge being Kowt out doing the wrong things by consumers an we
need to get one shet of rules to make sure there are high standards of maif yr across the industry.

The green paper focuses on margin lending in response to the collapse of. There now $32 billion
worth of margin loans in Australia almost five times the value at the start of the decade but the
industry is largely unregulated. Among the options suggested in the green paper, is to define
margin loans as financial truckt products an bring them within the corporations act or to set up a
new Commonwealth regulatory regime.

I don't think there's any guarantee in the proposals put forward today that there won't be future
corporate collapses and of course as we do know in relation to one of the companies that collapsed
in relation to margin lending, the suggestion has been really illegal activity by the participants
in that particular company.

And while the Opes prime collapse continues to be played out in front of the courts, Ian Ramsey
says another level of protection for consumers would be welcome.

We do expect consumers to have some responsibility for, in a sense, their own economic welfare but
the Government needs to balance that against

Nick Sherry discusses financial reform

ALI MOORE, PRESENTER: Well how far will these reforms of financial services and credit regulation
really go? The Government's green paper was released today by the Minister for Superannuation and
Corporate Law Nick Sherry. He joined me from Canberra a short time ago.

Senator Nick Sherry, welcome to Lateline Business.

SENATOR NICK SHERRY, CORPORATE LAW MINISTER: Good evening, and good evening to your viewers.

ALI MOORE: Fundamentally is this green paper really much more than a transfer of a whole range of
regulatory issues from State to Federal Government?

NICK SHERRY: Well it's a very important transfer because it recognises that we live in a national
economy, a national financial services economy and increasingly an international financial
environment and therefore it's necessary to have single national regulation, single simpler
standard regulation, it can be much more effective regulation than six States and two territories.

ALI MOORE: So how many of the problems in recent months, let's say starting with the collapse of
various property investment group, the debacles in margin lending, the selling of loans to people
who clearly can't afford to pay them back, how many of those sorts of problems will be stopped if
this green paper becomes law?

NICK SHERRY: Well there are two important reasons for transferring State regulation and financial
services to single national regulation. The two important reasons are in a national financial
market it's more efficient, cost effective for business because it's a national market. They only
have one set of regulations and rules and secondly, there are many areas currently in State
regulation, margin lending, mortgage broking, where there is a mishmash of regulation or no
regulation at all. So it will improve consumer protection.

Specifically, margin lending, for example, we've identified as one of the important areas that
needs attention as a consequence of the market volatility, the US subprime impact. So that's one
area where consistent national Commonwealth regulation combined with much simpler and more
effective disclosure, which has been an important area of contention in some of the recent market
activity. That will be a direct improvement.

ALI MOORE: Well indeed this green paper does define or propose defining margin loans as financial
products and therefore bringing them under the purview of the corporations act and under ASIC
(Australian Securities and Investment Commission), is that your preferred response here?

NICK SHERRY: It certainly is. I mean I think most people would be surprised, indeed I think some of
the States were surprised that they had any regulatory responsibilities for margin lending given
recent market conditions. So it's important to have national regulation in an area which has been
of such obvious concern given the recent market volatility.

ALI MOORE: And credit and mortgages? This green paper proposes uniform national rules with a single
body responsible for licensing and enforcement. Would that single body also be ASIC?

NICK SHERRY: Probably ASIC. We'll seek the views of ASIC, the States consumer industry
organisations, there may be an argument for some of the responsibilities to be located with APRA
(Australian Prudential Regulation Authority) but that will be sorted out in this 30 day
consultation period.

ALI MOORE: How happy are you with the regulatory response to the recent problems by both ASIC and
the ASX (Australian Securities Exchange)? Are you comfortable they've been doing their job well?

NICK SHERRY: Well I think they've done a solid job in difficult circumstances. And if you look at
what's happened internationally, all regulators have been grappling with a series of very
unpredictable consequences as a result of what was a unique set of circumstances with US subprime.
So I think they've done a solid job.

ALI MOORE: But a solid job in difficult circumstances sounds something less than a big gold star?

NICK SHERRY: Well, but I was just about to say, I am pleased that in the recent reorganisation of
ASIC that's been announced by the Chief Executive Mr D'Aloisio, are substantial chains to ASIC. Now
they've been planned for a long time but they do recognise some of the weaknesses in terms of
having key personnel with market knowledge and that's been taken into account. So to that extent
any weaknesses are being addressed through that reorganisation.

ALI MOORE: You don't see that restructure by ASIC as recognition of not being up to the task?

NICK SHERRY: No, I don't, because the proposal to restructure ASIC, and it's the most substantial
restructure in its 10 year history, was actually announced in May last year and obviously the
restructure is taking into account the lack of skilled personnel with specific market knowledge,
that those circumstances have been taken into account.

ALI MOORE: Well you're in the throes of deciding whether or not the Australian Securities Exchange
should get some competition. There are three players vying for licences, would it be appropriate
for the ASX to regulate its competitors?

NICK SHERRY: Well, the issue of market competition also leads to the question if you allowed market
competition to the ASX how those market operators should be supervised and regulated. So obviously
it's a related issue, it's an issue for consideration.

ALI MOORE: What do you think? Do you think it's viable the ASX could be seen to not only regulate
itself but to also regulate other players?

NICK SHERRY: Well if we approve licences then there would be subsequent supervision regulatory
change. That would follow. It would have to occur. But that's if we approve the licences. We
haven't finalised our response to the licence applications and finalised any detail of supervision
or regulation if that were to occur.

ALI MOORE: Is it likely that you won't approve any of the licences?

NICK SHERRY: Well the issue is before me at the present time and there will be a cabinet submission
in due course and unfortunately I can't announce what the decision or pre-empt the decision on your
show tonight.

ALI MOORE: That's a great shame. But if it follows that if you do approve any or all of those
licences, then there will have to be regulatory change. Is the logical step that the regulation of
the market simply goes from the ASX to ASIC?

NICK SHERRY: Well, the ASX itself has recognised that if there were to be competitors licenced
there would be need to be a change to supervision. But it doesn't necessarily follow. There are a
whole range of options for market supervision and regulation in a competitive environment but we
haven't crossed the first bridge yet which is to either approve or not approve the licence
applications.

ALI MOORE: But I wonder what the other options are. Isn't handing it to ASIC the most logical or
would you also consider perhaps setting up a separate, not for profit organisation?

NICK SHERRY: There are a whole range of options, I'm not going to speculate. I mean I've looked at
what's occurred when market competitions occurred in other countries, the US, Canada, Europe, for
example, there's a whole range of options. I'm not going to speculate as to the preferred option.
That's a decision for cabinet and government to make.

ALI MOORE: Minister, A little later in this program we're going to hear from the head of Metcash
who says that the increased tax on alcopops has led to a substantial drop in sales of alcopops but
there's been a corresponding pick up in the sale of bottled spirits, do you still think that higher
tax is going to kerb binge drinking?

NICK SHERRY: Beyond the general comment that it's an important health measure to discourage binge
drinking. Unfortunately my responsibility is for superannuation and corporate law do not include
the taxation of alcohol but it's an important health measure to discourage binge drinking, it's a
budget measure, so in that context it's very important.

ALI MOORE: But when you learn the sales have simply moved to bottled spirits, do you think it's
working?

NICK SHERRY: It's not my portfolio responsibility. I have responsibility for corporate law and
superannuation and taxation of alcopops does not fall into those responsibilities.

ALI MOORE: And you look very pleased that it doesn't. Senator Nick Sherry, thank you very much for
talking to us.

NICK SHERRY: Goodnight, Ali. Goodnight to your viewers.

Senator Nick Sherry, thank you very much for talking to us.

Goodnight, Ali. Goodnight to your viewers.

While the Reserve Bank has left interest rates unchanged for the third month in a row, there's
conflicting evidence on whether it's winning the fight against inflation. Home building approvals
jumped nearly 8% in April, higher than expected. The rise, the first in five months, was
underpinned by a 17.5% surge in apartments and town houses. But Australia's imports have again
outstripped exports, with the current account deficit blowing out to a record $19.5 billion in the
March quarter.

It suggests a detraction to growth from net exports and that will result in a pretty soft GDP print
tomorrow for the first quarter.

Economic growth is expected to have slowed to 0.33% when national accounts data is released
tomorrow. Big spending budgets have been delivered in Queensland and NSW. Multibillion dollar
infrastructure upgrades are planned in both States, a move that will tackle bottle necks but will
also increase debt. While the federal budget was aimed at reducing inflation, the boom state of
Queensland has other priorities.

This is the first budget of my government and like all budgets it defines us.

The Bligh Government's big spending budget will focus on health, education and housing. The State
is working to turn around its health crisis and will spend more than $8 billion. That include more
ambulance officers and new hospitals. Stamp duty is also being reduced with first home buyers
compementd for homes under $500,000, saving them almost $10,000. There will be a record $17 billion
worth of building projects, more than any other State with nearly $8 billion for roads.

It's a budget that builds for the future.

To help fund the promises, coal miners will be hit with a 40% rise in royalties and a safety levy.

I think the boom has attracted a large population growth to Queensland, big infrastructure
pressures and need for investment there so the higher royalty for above $100 a tonne is all about
sharing some of that cost with business.

Business seemed to be the clear winner in NSW with Treasurer Michael Costa making some long sought
after changes to payroll tax.

Today I can announce further tax cuts worth $2.2 billion.

The budget's delivered the trifecta for businesses and for the NSW economy. We see a $1.9 billion
cut to payroll tax, a record infrastructure spend and improvements and funding increases to
services. So across the board that's a good result.

Business has been lobbying hard for the reduction in payroll tax with the NSW rate 6% compared with
4.75% in Queensland and 4.9% in Victoria.

The gap was too wide and the Government's taken the strategy of making small incremental cuts as a
way of making up the difference.

To improve the State's crumbling infrastructure, $57 billion will be spent over four years.

The Carr Government may well have got the timing in terms of the community's appetite for further
investment in infrastructure wrong and I think Bob would probably concede that as well.

The splurge come s at a cost with the highest debt levels in more than a decade and the risk it
will fuel inflation.

A definite pressure on inflation from those infrastructure spends but overall those infrastructure
spends are critical for providing the ongoing productive capacity to our economy to ensure we don't
get constrained by bottle necks.

One thing missing from the NSW budget is the multibillion dollar sale of the State's electricity
assets. Legislation to allow that could be formally introduced to parliament as early as tomorrow.
Ratings agency Standard & Poors saids while both States will increase debt to help fund capital
expenditure it will have no immediate impact on its credit ratings.

It's fairly clear priority one was to maintain the 555 rating. It's a very important prized asset
so first and foremost was to deliver a moderate surplus in both cases and the ensure the spending
was well targeted and any expenditure growth was well contained.

Despite their spending plans, both States have delivered modest surpluses, 800 million for
Queensland and nearly 300 million for NSW. The resources boom means Queensland in particular can
afford to spend up big with $36 billion available to Premier Anna Bligh. BankWest is refusing to
comment on media report it's UK parent HBOS is considering selling it's Australian arm. But a
spokesperson told Lateline Business BankWest remains on track to open 160 branchs as part of a
rapid expansion on the east coast. Its UK-owner is facing higher funding costs and defaults in
Britain and is Curranly raising $8 billion to shore up its reserves. Other UK banks are also in
trouble with Royal Bank of Scotland looking to raise almost $25 billion. Another British rival
Bradford and Bingley was bailed out yesterday by US private equity group TPG. To the other major
movers on our market today. The slow down in consumer spending seems to have had lit m impact on
the bottom line of Metcash. The grocery wholesaler says sales of fresh produce and essential items
boosted full-year profit by 18% to $197 million. And Metcash says it's confident the competition
watchdog won't block a joint bid with Sigma farm - pharmaceuticals for a bid to buy Symbion. I
spoke to Metcash chief executive Andrew Reitzer earlier toonth tonight. Welcome.

Thank you very much

. A solid rise in annual profit and you say May, the first month of your financial year, has been
satisfactory. You're forecasting earnings per share growth up to 10% for 2009, are you feeling the
pimpbl of what you call a very volatile market?

That's the strange thing, you know. When we look at the market and we see food price inflation,
which is bad new, high interest rates and possibly a few more, and fuel prices, what they're doing,
what our logic says is that the consumer's feeling the pinch but we don't see it in our sales
numbers and we're the kind of business that there's nothing in our basket that's subject to
discretionary spending, so we don't sell sort of TVs or white goods or furniture or clothing just
every day requirements and we're across the board in Australia, state to state, so we really don't
see it in our numbers. So, you know, you put out forecasts because you want to tell the
shareholders what to expect and we see things in the market no, we don't see it in our numbers an
May has been very strong.

How long though do you think you can remain resilient, particularly if you look at food inflation?
I mean are people going to start to turn more to your basic home brands, for example?

We haven't noticed any of that. So we've seen no change in product mix or switching to house brand,
it's for us it's very much business as usual. My impression is that the Australian consumer is
obviously feeling is pinch but I don't think it's to the point that it's forced them to downtrade
or change their buying Hacketts or anything like that. And possibly things that happen is the first
thing families will do is cut back on going to restaurants or cut back in from buying from
takeaways but they still have to eat so they go to the supermarket more. I think if we see
inflation in the high single digits so inflation in Australia runs at 8 to 9% yes, then you will
see.

You're saying if we're currently running over 4%, we didn't get another interest rate rise today,
do you think there's some relief on the horizon?

I think 3, 4% people can sort of stomach it and obviously do make adjustments, but I think it
doesn't - they might change other things but they don't change their biesk requirements.

In all those things that you mentioned, like inflation and petrol and the flainction with food in
particular, you also talk about changes to the workplace laws, what impact do you think they're
going to have?

Well at the moment they're quite a lot of regulatory changes going on in Australia that some have
happened and some are about to happen and some we think might happen, so for example we had a very,
very big increase in excise duties, on ready to drinks, on the premixed alcohol.

The alcopops

. That's correct. That happened overnight. No-one knew about it, there was no consultation and it's
to address binge drinking and it's led to a significant mix in the way we do business and nothing's
happened to the amount of alcohol that gets sold but it's switched from category A to category B.

In terms of workplace relations, do you think that's going to have an impact?

We don't know what's coming. All we go is there are certain reforms and we do see the requests from
our workers because of food price inflation and we don't have any EBAs in negotiation right now but
we're watching what's happening to other organisations that have EBA increases and there is
starting to be a bit of wage cost pushing inflation, which would be very bad for Australia.

And bad for your bottom line?

Bad for everyone's bottom wlien including ourselves, yes, and our retailer.

Let's look at this increased tax on alcopops because you made the point very clearly today that
while it had led to a reduction in sales on alcopops it's simply moved those sales across to
bottles of spirits.

That's correct, yes.

That would seem to amount to a fairly substantial failure of any plan to reduce binge drinking?

OK, I'm not an expert on binge drinking and obviously but I understand if it's a problem and if
it's a social ill as a society we must do something about it. Unfortunately all that's happened and
from our figures and it's only been five weeks so, you know, we can't see the full impact after
five weeks but essentially what's happened is there's been a dramatic decrease in the cases that
we've sold of ready to drinks and more or less in the same money an exact swap toen ain crease, as
you say, bottled spirits.

That's barely a success though, is it? If you're trying to cut the amount that's being drunk?

I think that's the truth of the matter, yes.

Grocery prices certainly set a longside petrol prices as the key political issue. We've seen and we
are seeing this ACCC inquiry that you gave evidence to yesterday. You talk a lot about the power of
Coles and wol worths and yet you have been able to grow your market share, despite the arrival of
newcomers like Aldi, you've continued to grow your profits, what does that say about the state of
competition in this sector?

What it says is that independent retailers have done a great job. So independent retailers' market
share eight or nine years ago was 11%.

It's 19% now.

That's right, but how did we get it? Not by getting any help from anyone. We did it all ourselves.

But the fact that you can do that, the fact that you can compete, that you can grow market share
would seem to rather dent the argument about the big majors controlling the market?

Well the two mangers control 76% of the market and yesterday when I gave evidence no-one argued
with me around said Andrew, that's wrong. And we never go to the ACCC and say they're selling
product A at a dollar and that's below cost because we just have to sell it below cost as well and
we never ask for any assistance. The only thing that we ask to be addressed is something called
creeping acquisitions, where they do have a dominant share and they are allowed by the ACCC to do,
you know, acquisitions one a week or once every now and again and that just leads to further consl
daition.

So you wourld argue at the ACCC is focussing in the wrong area. You came have under some very
sustained questioning yesterday, you think they're barking up the wrong tree?

Absolutely. From the line of questionings yesterday, it sounding like they said OK the big super
IGA stores the big IGA supermarkets they're a formidable competitor to the change and they said
yes, they add competitive tensions but the smaller stores can't sort of offer the same prices as
the chains an the smaller stores wouldn't about 2, 3% of the national market and then they had a
look at Metcash's profits and they said the profit fool we're taking out. So it was almost as if
those two things are causing food price inflation in Australia and they've shifted the spotlight
away from themselves and because it's really the ACCC that have allowed the two through unchecked
mergers an acquisitions to get to 76%. And what we're saying is this is a highly concentrated mark,
I'm not aware of any other grocery market in the world that's highly conset traited. There are
problems with it and they need, you know, maybe put the spotlight on somewhere else instead of
putting the spotlight on smaller IGA stores.

Thanks for joining us.

It's a pleasure.

Now a look at tomorrow's business diary. First quarter national accounts figures which include GDP
are out. Japan's first quarter capital expenditure report will be released. Along with US and
non-farm productivity numbers. Before we go a look at what's making news in the business sections
of tomorrow's papers. The 'Age' exams proposed reforms to regulations. The 'Australian Financial
Review' leads on the same story. The Australian says nine msn seems to be on the brink of collapse.
And the 'Sydney Morning Herald' says the RBA has left open the possibility of further rate rises.
That's all for tonight. As I leave you the FTSE is up 25 points, and the Dow has opened up 35
points, or 0.29%. If you want to watch the program again you can visit our website where you can
watch the entire program online or download it as a vodcast. I'm Ali Moore, goodnight.

Closed Captions by CSI

THEME MUSIC

Oh, this is Stratton's house coming up on the next corner. Just go straight past it but go slowly.
I see the Ranger Rover's there. That means he's still away. (Takes photos) Alright, that's good,
let's go.

In the Perth suburb of Applecross, an international game of corporate espionage is being played
out.

When you go past that cream-coloured house, just go slowly and then go to the circle and turn
right. (Takes photos)

It's all to do with the financial destruction of a once-giant South African mining company.

Vast sums of money had been stolen. I mean we're talking about, in Australian terms, in excess of
$400 million.

The web of intrigue has led to South Africa's Police Chief being charged with corruption. A mining
magnate has lost his life and many questions remain about the role of an elusive Australian
businessman, John Stratton.

Mr Stratton, Andrew Fowler from ABC Television. I want to talk to you about your business dealings
in South Africa.

He's thrown the extradition treaty between South Africa and Australia into doubt.

Why have you been fighting the extradition treaty?

Because this is a hugely politically driven...event.

Tonight on Four Corners - Bad Company - a story of greed, corruption and alleged murder.

Late in September, 2005, Brett Kebble - bon vivant, philanthropist and mining magnate headed out to
a dinner date in the suburbs of Johannesburg. Brett Kebble was a larger-than-life figure, renowned
for his lavish parties.

He was a very sociable person. But a lot of his parties all had objectives. In other words they
were there to influence and impress politicians, investors, others, that, really, you know, the
Kebble empire was far more influential and powerful than it really was. I think - I think it's what
my mother used to call "All fur coat and no knickers." I think we know what that means.

For the past seven years, Brett Kebble had worked hand in hand with Australian businessman John
Stratton.

Well, firstly Brett and John Stratton were extremely close and John Stratton had an adjoining
office to Brett's office at the Cape Town headquarters and in fact there was a direct door from
John Stratton's office into Brett Kebble's office and he would float into meetings right in the
middle of a conversation, push things one way or another, so it was an extremely tight relationship
between him and Brett.

But on this chilly spring evening Brett Kebble was very much alone. Six weeks earlier, he had been
sacked as chief executive officer of JCI Ltd, a century-old South African mining institution that
Kebble had robbed blind. The theft, like Brett Kebble's taste in life, had been enormous.

Well, I think the destruction of JCI must certainly go down in the mining industry as one of the
greatest collapses in value experienced by any mining investor. But I think more pertinently in
South Africa JCI's predicament is the largest corporate failure um...in South Africa's corporate
history. So, in context, it's more like Enron was in the States.

Halfway to his dinner appointment, Brett Kebble pulled up on a quiet back street. Oddly, he wound
his window down. In Johannesburg, you never open your window at night. One of the seven bullets
pumped into Brett Kebble's body severed an artery. Still he managed to accelerate away. CHOKING
SOUNDS His car came to rest 300 metres down the road. At 41 years of age, Brett Kebble was dead.
But the saga of Kebble's life would only now begin to be understood.

With Brett Kebble's murder still so fresh in everybody's mind there's real grief here at Kebble's
lavish Johannesburg home. Brett Kebble will be laid to rest in Cape Town on Tuesday, but rumours
and conspiracy theories over his death certainly won't be.

What soon surfaced would stun the country, not just the nature of Kebble's death, but also a web of
corruption that went to the very top of South Africa. The country's crack crime-fighting
intelligence unit, the Scorpions,