The Australian Securities & Investments Commission took legal action against FMG and Forrest. In 2007, he took an interest and a directorship in Niagara Mining Limited, renamed Poseidon Nickel Limited, which had in 2006 acquired from WMC the Windara nickel deposits near Laverton, Western Australia. Fortescue holds major deposits at Mount Nicholas, Christmas Creek, Cloudbreak, and Tongolo. Since then, the company has grown to possess three times the tenements of its nearest rival in Western Australia's iron ore rich Pilbara region. He is still a major shareholder of FMG, through his private company, The Metal Group. In 2003, he took control of Allied Mining and Processing and renamed it Fortescue Metals Group. The company's shares fell by 89% before it was taken over by Glencore and renamed Minara Resources. US bondholders received $0.26 for each dollar of debt in the restructuring. However, in 2001 he was ousted as CEO when the company almost collapsed. He became the founding CEO of Anaconda Nickel in 1993, after buying a stake in the company. Career Anaconda Nickel Īfter graduating, Forrest worked as a stockbroker at the brokerage houses Kirke Securities and Jacksons. Forrest and David Thompson became friendly associates with Forrest appointing Thompson to a managerial role while he was on the board at Anaconda Nickel. Nicola's sister, Katrina, is the wife of David Thompson who was the leader of the New Zealand League of Rights in the early 1980s and the leader of the Australian League of Rights during the 1990s. In 1991 Forrest married Nicola Maurice, daughter of Tony Maurice who was a major figure in the Australian League of Rights Christian organisation. Forrest went on to the University of Western Australia where he majored in economics and politics. He stuttered as a child, which is how he came to develop a relationship with Ian Black, whose Aboriginal father, Scotty, became Forrest's mentor.
įorrest was educated at Onslow Primary School and through the School of the Air before moving to Perth to attend Christ Church Grammar School and then Hale School. Minderoo was owned by the Forrest family until it was sold in 1998 by his father due to relentless drought and debt, but it was bought back by Forrest in 2009. Forrest's early years were spent at Minderoo, located in the Pilbara region south of Onslow.
John, Alexander, David, and Mervyn were all members of parliament for periods, with John serving as Western Australia's first premier. His father, grandfather ( Mervyn), and great-grandfather ( David) were all managers of Minderoo Station, which David had established in 1878 with his brothers, Alexander and John. John Andrew Henry Forrest was born on 18 November 1961 in Perth, Western Australia, the youngest of three children of Judith (née Fry) and Donald Forrest. The case will be heard in the Western Australian Magistrates Court on 28 March. In 2022, Andrew Forrest has filed a criminal complaint against Facebook, alleging that the corporation failed to prohibit the use of his image in scam adverts associating his image with investments in cryptocurrencies. Forrest has been accused of avoiding paying company tax, having revealed in 2011 that Fortescue had never paid company tax.
#ANDREA ANACONDA FREE#
Much of the Forrest's philanthropy has been through either the Minderoo Foundation (focusing on education and Indigenous Australians) or the Walk Free Foundation (focusing on ending modern slavery), both of which he established. He had earlier stepped down as CEO of Fortescue Metals in 2011. In 2013, Andrew and Nicola Forrest, his wife, were the first Australian billionaires to pledge the majority of their wealth to charity in their lifetimes. According to the Financial Review, Forrest was the richest person in Australia in 2008. With an assessed net worth of A$27.25 billion according to the Financial Review 2021 Rich List, Forrest was ranked as the second richest Australian. He is best known as the former CEO (and current non-executive chairman) of Fortescue Metals Group (FMG), and has other interests in the mining industry and in cattle stations. John Andrew Henry Forrest AO (born 18 November 1961), nicknamed Twiggy, is an Australian businessman.
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