Stephen Mayne and Bond Corporation

Bond business record: While industry leaders declined to comment on Bond business record, commentators said he built his empire on other people money, according to Nine News Australia. The theft of funds out of Bell Resources and into his Bond Corporation, which then spectacularly collapsed to leave Bond bankrupt, was extraordinary, shareholder advocate Stephen Mayne said."He did a lot of noteworthy things but ultimately was one of the biggest crooks and thieves Australia has ever produced," Mr Mayne said. Bond, who died on Friday aged 77, spent four years in prison in the 1990s for siphoning $1.2 billion in Australia biggest corporate fraud. A $400,000 payment to former Queensland premier Joh Bjelke-Petersen to do business in the state, the bugging of phones, hundreds of dodgy related-party transactions and endless conflicts of interest were further examples of Bond unethical practices, Mr Mayne said."The negatives were more serious than the positives," he said."It probably wasn't a great reflection of Australia political and corporate culture that a bloke of Bond ethics did manage to get so rich and achieve so much fame."Bond had to relinquish assets including Kalgoorlie super pit gold mine, oil and gas company Santos, the Nine Network and The West Australian newspaper group. Bond was prepared to pay higher prices than anyone else for assets including an oil field, breweries, an airship and a large chunk of a merchant bank."None of those businesses performed well under his management," Mr Treadgold said. Business commentator Tim Treadgold said Bond took advantage of the America Cup win in 1983 to borrow money for acquisitions."He was a likeable rogue but he never repaid his debts," Mr Treadgold said. (news.financializer.com). As reported in the news.