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Joseph Gutnick

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Australian businessman

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Joseph Isaac "Diamond Joe" Gutnick (born June 1952; Hebrew: יוסף יצחק הכהן גוטניק) is an Australian businessman, mining industry entrepreneur and the former president of the Melbourne Football Club (1996-2001). He is also an ordained Orthodox rabbi, and is well known for his philanthropy in the Jewish world. He declared bankruptcy in July 2016.

Early life

Gutnick's father, Rabbi Shneur Chaim HaKohen Gutnick, was born in Zolotonosha, Ukraine, in 1921. He studied at the Telshe yeshiva in Lithuania until 1940 when the country was annexed by the Soviet Union and, via the far east, came to Cairns, Australia in 1941. After serving in the Australian Army until 1944 Gutnick married Rose Chester in 1945 and the couple had six children together, two daughters and four sons, Channah, Peninah, Rabbi Mordechai Gutnick, Rabbi Moshe Gutnick, Avraham, and Joseph. Joseph Gutnick was born in 1952. His father died in 2003 after an influential life in the Australian Jewish community, having become president of the Rabbinical Council of Victoria in 1967.

Israeli politics

Gutnick became close with Israeli Prime Minister Benjamin Netanyahu in his role as the Rebbe's Special Emissary for the Integrity of the Land of Israel. In the 1990s, Gutnick spent millions of dollars campaigning for Netanyahu and against the Labor Party in Israel's elections to try to prevent the Israeli Government giving up land, which the Rebbe said would never help achieve peace.

Business career

After almost having been ruined by the 1987 stock market crash, Gutnick was advised by Rabbi Menachem Schneerson to go back to the Australian desert and search for "gold and diamonds". He was responsible for overseeing the discovery of the Plutonic gold deposit, as well as the discovery, development and operation of the Bronzewing and Jundee gold mines in Australia. Gutnick also was a director of the World Gold Council and was awarded the inaugural Diggers Award at the 1997 Diggers and Dealers Industry Awards.

In 1991, his company, Great Central Mines, paid A$115 million to prospector Mark Creasy for the Bronzewing gold deposit. In 1999, Gutnick along with partner Robert Champion de Crespigny was found to have illegally structured a takeover of Great Central Mining. Gutnick was ordered to return $28.5 million to investors. Gutnick appealed the decision and the decision was vacated for lack of jurisdiction. Gutnick expressed confidence that he could have won on the merits too, had that been necessary. On 5 April 2000, Joseph Gutnick, Robert Champion de Crespigny and Ian Gould resigned as directors of Great Central Mining.

From 1987, Gutnick served as a director of Regis Resources, at times taking on the role of managing director and chairman, which he held until August 2004, when he resigned from all board positions. As part of this leadership change, Gutnick also relinquished some of the company's depth as well as reducing his stake in the company from 65 percent to below 20.

In January 2014 it was announced that Blackham Resources, of which Gutnick is the chairman, had acquired the Wiluna Gold Mine, a mine which Great Central Mines, under his leadership, held from 1997 to 2000. The mine was purchased from APEX Minerals, a company in receivership since June 2013, whose chairman at the time was Eduard Eshuys. Coincidentally, Eshuys was also in charge of the drilling program that discovered Plutonic for Gutnick. Gutnick had become chairman of Blackham on 4 February 2013 when his private company, Great Central Gold, invested A$13.32 million in Blackham.

Holdings

Among Gutnick's business holdings:

  • Legend International Holdings. A mining company focused on phosphate exploration in Queensland, Australia. Gutnick is the President and CEO.
  • Centaur Mining went into receivership during 2001. Gutnick was the President and CEO.
  • Top End Minerals. Executive Chairman. CEO.
  • Quantum Resources Ltd. Chairman. Managing Director. now called Nova minerals

Landmark defamation case

Main article: Gutnick v Dow Jones

Gutnick sued Dow Jones and Company in the Supreme Court of Victoria for defamation regarding an article published about him in Barron's Online in the year 2000. It was one of the first international legal cases involving defamation on the internet. The case was highly controversial and the subject of much commentary from legal analysts. The case was appealed by the author, William Alpert, to the UN under the right of direct petition for individuals. With the prospect of that appeal, prepared by Geoffrey Robertson QC, Tim Robertson SC, London-based Human Rights lawyer Mark Stephens and Sydney-based lawyer Paul Reidy, the case was settled on 15 November 2004. Dow Jones settled the case, agreeing to pay Gutnick some of his legal fees.

Bankruptcy

On 8 July 2016 Gutnick declared himself bankrupt with debts of over $275 million.

Sports administration career

Melbourne Football Club President

Gutnick held the position of President of the Melbourne Football Club, which is a professional Australian rules football club that competes in the Australian Football League (AFL), Gutnick served in the role from 1996 until 2001. Gutnick held the role of president of the club until 18 December 2001, when he was ousted in a majority vote by the board of the club in the board election with 65 percent majority of the votes for Gabriel Szondy's “Team Vision” ticket in support for Gutnick to be ousted against 35 per cent with Gutnick's “Melbourne First” ticket in support for Gutnick to remain in the role as president. Gutnick was then replaced by Gabriel Szondy.

Personal life

Gutnick lives in Melbourne with his wife, a daughter of textile maker Max New, whom he married in 1974; they have 11 children. He studied for rabbinic ordination in Brooklyn, New York, and ran a religious girls' seminary in Melbourne. Gutnick is an Orthodox Jew, and a member of the Chabad-Lubavitch Hasidic movement. According to Gutnick, in 1988, Rabbi Menachem Mendel Schneerson, known as the Rebbe, told him to mine for gold in Australia's desert. His brothers Mordechai Gutnick and Moshe Gutnick are prominent Orthodox rabbis in Australia.

Philanthropy

Gutnick has made significant donations to schools and Jewish organisations in Australia and worldwide.

References

  1. ^ Schifrin, Matthew (2 December 1996). ""Diamond Joe" Gutnick and the Rebbe's prophecy."". Forbes. 158 (13): 44–45. Archived from the original on 19 March 2015. Retrieved 10 February 2010.
  2. How Julia Gillard won over Diamond Joe Gutnick and why Labor still won't get his vote Archived 20 February 2014 at the Wayback Machine Financial Review, published: 24 May 2013, accessed: 3 February 2014
  3. Rabbi Shneur Chaim HaKohen Gutnick chabadofthegardens.com, accessed: 3 February 2014
  4. ^ Bernstein, DH, "Diamonds & demons : the Joseph Gutnick story" Port Melbourne, Vic. : Lothian ; Andover : Ragged Bears, 2001
  5. ^ Long, Stephen (5 June 2003). "The World Today – Profile of Joseph Gutnick". Australian Broadcasting Corporation. Retrieved 10 February 2010.
  6. "Where has the money gone from 'Diamond' Joe Gutnick's loans?". 17 February 2019. Retrieved 28 March 2022.
  7. ^ Minerals boom leads to Bronzewing revival Australian Broadcasting Corporation, broadcast: 27 November 2006, accessed: 15 December 2009
  8. Chairman Argus has a little bet each way The Age, published: 8 February 2008, accessed: 11 February 2010
  9. "Forum Awards". diggersndealers.com.au. Retrieved 16 June 2014.
  10. Bronzewing gold mine is flying again mineweb.com, published: 18 October 2007, accessed: 15 December 2009
  11. Miners found to have illegally restructured company, ABC radio, 16 June 1999
  12. Director Appointment/Resignation GCM ASX announcement, published: 5 April 2000, accessed: 14 February 2010
  13. "Johnson's Well Mining NL Annual Report 2003" (PDF). www.asx.com.au. Regis Resources Ltd. 30 September 2003. Retrieved 19 May 2022.
  14. "Restructuring of the company" (PDF). www.asx.com.au. Regis Resources Ltd. 27 August 2004. Retrieved 19 May 2022.
  15. "Free of Gutnick weight, Well turns around". The Age. Melbourne. 9 August 2004. Retrieved 19 May 2022.
  16. Chairman Argus has a little bet each way The Age, published: 8 February 2008, accessed: 3 February 2014
  17. BLKConsolidation of Wiluna Gold Belt, Plant & Infrastructure ASX announcement, published: 20 January 2013, accessed: 3 February 2014
  18. Troubled Wiluna gold returns to Gutnick Archived 26 January 2014 at the Wayback Machine The Australian, published: 21 January 2014, accessed: 3 February 2014
  19. Blackham agrees $13m funding deal with Great Central ASX announcement, published: 4 February 2013, accessed: 3 February 2014
  20. "World Today". ABC News - 15 March 2001. Retrieved 16 June 2014.
  21. "Australian Stock Exchange - Company Information". Retrieved 16 June 2014.
  22. "Australian Stock Exchange - Company Information". Retrieved 16 June 2014.
  23. Unholy Gains
  24. Dow Jones and Company Inc v Gutnick (2002) HCA 56; 210 CLR 575; 194 ALR 433; 77 ALJR 255, (Australian High Court Opinion) via Australasian Legal Information Institute, accessed 2010 5 31
  25. Internet Makes Dow Jones Open to Suit in Australia, Felicity Barringer, The New York Times, 2002 Dec 11, accessed 2010 5 31
  26. Landmark Ruling In Internet Case, Dan Collins, cbsnews.com, 2002 12 10, accessed 2010 5 31
  27. Webb, Christopher (17 April 2003). "Gutnick grist for the learned friends' mill– Media, News" (PDF). Pacific Rim Law Journal. Retrieved 4 August 2013.
  28. "Dow Jones settles Gutnick action". ABC News Online. Australian Broadcasting Corporation. 12 November 2004. Retrieved 2 March 2009.
  29. Garnett, Nathan (1 December 2004). "DOW JONES & CO. v. GUTNICK: WILL AUSTRALIA'S LONG JURISDICTIONAL REACH CHILL INTERNET SPEECH WORLD-WIDE?– Media, Law". Pacific Rim Law Journal. Retrieved 4 August 2013.
  30. "Subscribe to the Australian | Newspaper home delivery, website, iPad, iPhone & Android apps".
  31. "Where has the money gone from 'Diamond' Joe Gutnick's loans?". 17 February 2019. Retrieved 28 March 2022.
  32. "Rebel investors eye Genetic Technologies for blockchain conversion". 22 January 2018. Retrieved 28 March 2022.
  33. "After a career of ups and downs, Joe Gutnick is once again a diamond in the rough". 16 July 2016. Retrieved 28 March 2022.
  34. "'I've long forgiven': Gutnick 'deliriously happy' ahead of Melbourne's grand final". 13 September 2021. Retrieved 28 March 2022.
  35. Leung, Johnson. (12 December 2001) "Gutnick defeated at Demons board elections" Archived 31 July 2012 at archive.today Footy News. Retrieved 28 March 2022.
  36. Leung, Johnson. (12 December 2001) "Gutnick defeated at Demons board elections" Archived 31 July 2012 at archive.today Footy News. Retrieved 28 March 2022.
  37. Messenger News – Gutnick Throws Massada a Lifeline
  38. Sporting Pulse – Complex Sprouting, Legend Park
Sporting positions
Preceded byIan Ridley President of the Melbourne Football Club
1996–2001 		Succeeded byGabriel Szondy
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