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Category: Regulation / Corporate Governance

Foreign investment regulator takes job with private equity firm

Tuesday, 6 Sep 2016 07:12:12 | Peter Ryan

FIRB comes under the Treasury and makes recommendations to the Treasurer. (ABC TV News)

The Treasurer has rejected concerns about the potential for perceived conflicts of interest after the chairman of the Foreign Investment Review Board was appointed to a key advisory position with a global private equity group.

A spokesman for Mr Morrison said FIRB chairman Brian Wilson would step aside from deliberations that involve his new role as a senior advisor with The Carlyle Group's Asia buyout team.

"He has agreed to remove himself from consideration of any cases that Carlyle is involved in," the spokesman said.

"FIRB needs to attract people with deep knowledge and experience in foreign investment. It has strong procedures in place to manage conflicts."

Carlyle issued a statement containing comments from Mr Wilson who said he was "delighted" to partner with the private equity group.

"I look forward to working closely with the team to assist as it pursues new investment opportunities across various sectors in Australasia and to create value for Carlyle's portfolio companies," he said.

In his role as FIRB chairman, Mr Wilson is in charge of the organisation that recommends whether the Treasurer should approve or reject large foreign investments in Australian businesses.

In a statement, Carlyle said Mr Wilson will advise the group "on key trends" and will support due diligence on proposed investments.

Carlyle's managing director and co-head of the Asia buyout team, Mr X D Yang, underscored the importance of Mr Wilson's appointment and his expertise in foreign investments.

"We are thrilled to welcome such an experienced business leader as an advisor to Carlyle," Mr Yang said.

"Brian will be a great resource for our team as we continue to bring investment insights, financial resources, as well as operational expertise, to support the growth of the companies in the region."

Carlyle pointed to Mr Wilson's 30 years experience which, in addition to FIRB, includes senior roles at Lazard and Citigroup Australia.

Mr Wilson has advised on more than 60 public company takeovers and cross-border transactions.

The Carlyle Group has invested $US17 billion in the Asia-Pacific region with 225 transactions in the year ending June 30, 2016.

Mr Wilson's appointment comes as Australia's relationship with China is tested after Scott Morrison rejected bids from China and Hong Kong for a 99-year lease on Ausgrid which supplies power to parts of Sydney, Wollongong and the Hunter region.

At the same time, Labor Senator Sam Dastyari is fighting for his political life after perceptions that he was compromised after a Chinese education company covered a $1,600 expense that went beyond his official travelling allowance.

Follow Peter Ryan on Twitter @peter_f_ryan and on his Main Street blog.

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