The food group claims thousands were spent on luxury international trips and foot spa treatments in Dubai, just months before its battered share price forced a steeply discounted $100m equity raising in mid May. Tensions sharpened further when the former chair, who had been central to SPC’s recent dealmaking and listing push, suddenly walked away in mid November.
SPC Global, one of Australia’s largest fruit and vegetable processors, is suing the ex-chair and his private investment vehicle for alleged breaches of director duties and unjust enrichment. The company is chasing around $85,000 from the former executive and an additional $27,500 from Thor Capital, alleging those amounts reflect improperly used corporate funds.
Legal filings centre on claims that travel and lifestyle expenses were wrongly booked to SPC, rather than treated as personal costs. His November resignation came just ahead of the company’s annual general meeting, ending a seven-year board stint.
During that period, the former chair played a pivotal role in reshaping the business, including the 2019 acquisition of SPC Ardmona from Coca-Cola Amatil by Perma Funds Management and Sydney-based private equity firm The Eights. That deal shifted SPC out of multinational ownership and into a more hands-on investment structure focused on turnaround and growth.
In 2024 he led SPC’s reverse takeover of Original Juice Co and later the purchase of a dairy business, effectively bundling these operations into a newly listed consumer goods platform. Investors expected the combined group to leverage its manufacturing footprint and brand portfolio more aggressively across supermarkets and export markets.
Ambitions for the expanded group now collide with courtroom drama and market pressure as SPC’s share price turmoil magnifies scrutiny of governance and spending. The company is seeking to frame the lawsuit as a clear line in the sand on director behaviour and accountability to shareholders.
For investors the case crystallises concerns that aggressive expansion and capital raisings must be matched by tighter oversight of executive perks and related-party dealings. The outcome of the dispute is likely to shape confidence in SPC’s broader transformation strategy and its standing as a newly listed food and beverage consolidator.
