Therese Rein instituted Queensland Supreme Court proceedings to legally enforce a contract with the estate of deceased nun Frances Jane Edwards in 2006. By doing so it is estimated that Ms Rein saved herself $4.5 million.
Frances Edwards was Therese Rein’s original business partner when she set up the rehabilitation business Work Directions in 1988 (now Ingeus) and Ms Edwards had 5200 shares in the business when she died in 2006. It was estimated the true value of the shares was over $5 million at the time.
“Ms Rein and Edwards – the founding shareholders in the company – signed an agreement on or about May 22, 1988, declaring that their shares would be sold to the other, for a pre-determined price of $100 a share, if either of them died.”
“Within weeks of the Supreme Court granting probate to three executors, Ms Rein gave notice, on June 21, of her intention to buy the Ingeus shares in accordance with the agreement and sent a cheque for $520,000 and a share transfer form the following day.”
“When the executors of the estate tried to stop the sale, Ms Rein took them to the Queensland Supreme Court until they relented” (Click here to read more)
This raises two key questions:
1. While on the face of it some might think that it is standard practice to have a clause if one partner dies the other can buy their shares. But in 1988 when the contract was signed Therese Rein was about 30 years old and her partner Frances Edwards was 56 years old. So the chance that Ms Rein would die before Ms Edwards was almost zero. Which means the deal was really just an option for Therese Rein to buy the shares later down the track at a fixed price. And a very low price it turned out to be to the benefit of Ms Rein and Kevin.
2. $520,000 is a lot of money especially back in 1988 for a rehabilitation business that has not even started trading. But it is not a big amount if you know the business is about to start getting millions of dollars of government business. Which is exactly what happened via Kevin Rudd, when he was Chief of Staff to Premier Wayne Goss, making sure plenty of business went Work Directions way.
Do you think Kevin Rudd had anything to do with the drafting of the contract? Of course he did!
The house deal windfall
It is worth looking at the house deal that Kevin Rudd did in 1994 where he had amazing luck. Where did the luck come from? Two Labor Party boys.
Kevin Rudd bought his current house in Brisbane for $384,000 in 1994. Seven months earlier the house had been bought for $500,000 by Larry Moses and Nick Kassos who were also directors of the Labor Party company Texberg. Housing prices were rising at the time yet Kevin Rudd managed to buy a property $116,000 cheaper than it had been valued seven months earlier.
“The businessmen were directors of Texberg with Labor luminaries and union bosses. They included Mr Brusasco, the then chairman of Labor Holdings, the major fundraising entity for the ALP in Queensland; and Harry Hauenschild, former president of the Trades and Labour Council in Queensland.”
“Subsequent directors of Texberg after Mr Kassos and Mr Moses resigned from the company in 1992 include Wayne Swan, now the Opposition Treasury spokesman; Australian Workers Union head Bill Ludwig; ALP state secretary Milton Dick and his predecessors Mike Kaiser and Cameron Milner; and Queensland Teachers Union general-secretary John Battams.”
“Texberg, which has been named in federal and state parliament because of its connections to the Labor Party, was deregistered last year.”
Mr Moses said “I did not even know that Kevin Rudd had bought it.”
A spokesman for Mr Rudd said yesterday: “Mr Rudd and Ms Rein put a bid on a house in December 1994. They understood that the house had been vacant and on the market for a long period of time. After a normal commercial negotiation through the real estate agent, they bought the property.” (Click here to read more)
Yep, just a stroke of good luck there by Kevin and Therese. Kevin at the time was Director-General of the Cabinet Office in the Wayne Goss state government. Would he have known Mr Moses and Mr Kassos? Of course he would have. And why the discount? Maybe a bribe, a payback or just looking after a good Labor boy.
The house deal shows the corrupt environment Kevin Rudd was operating in during the 1990’s when Work Directions (Ingeus) was taking off like a rocket receiving government business and contracts which Kevin was in a position to influence.
This is a follow-up post to the two recent posts that I have written in relation to Kevin Rudd and Therese Reins and their millions. (Click here for the first post and click here for the second post)
I will keep following up on this even after the election because not enough questions have been asked and they should have been asked a long time ago. Therese Rein has popped her head up and has been doing plenty of media interviews yet no one bothers to ask her any tough questions. A comment from a previous post rings true which said:
“Aussies are so gullible. If some African dictators wife becomes independently rich we would not believe it, but if it’s an Aussie prime ministers wife we think it is all above-board.”
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Categories: Kevin Rudd
Reading what you have written here I cannot help but feel disgust it seems the more money they have the nastier and more corrupt they become.
Shane, your tenacity is amazing, you are really onto something here, the inner workings of something within a political party. And the ruler should be passed across all. Well said.
I have said it before and I’ll say it again. The Unions are the Labor Parties Cash Cows.I would dare to say they are set up in such a manner as to be “A Legal Fraud.on the working mans pay packet”
I can see why so many in the Labor movement hate and despise this man. He has been taking them for a ride for a long long time. Plus they now realise that they gave him his wealth on a silver plate (which quickly turned into gold) and they are rightly as jealous as all hell for doing it.
So – KRudd is a crook – married to a crook! What a shock…Not!
You have done a service to the people of Australia by informing them of the true character and values of Rudd, including what you wrote in your previous article about this company, Ingeus. This would clarify things a lot more for those who sense insincerity in his preaching tone but cannot quite put a finger on what it is they feel he is insincere about.
Kev and Therese remind me of Robin Hood and Maid Marion. Except their socialist values are perverted like Gillard’s. They steal from the gullible poor and redistribute according to their own ecocentric greedy needs, all under the sage advice of Party Lawyers.
Your tenacity Shane, in exposing the crooks of this country is greatly appreciated.
“Crooked is as crooked does”, and in this exposé of KRuud and TRudd Bonnie & Clyde come to mind.
Shane , Great that you have brought this to light! Just goes to show what deviates these people are to dud an old nun!!
In only a few words–well said Glen.
How low and how evil these Rudds are and always will be.
Their sins will follow them into hell as it also will for their descendants.
And he calls himself a Christian?—NOT.
Any self respecting Christian know full well there is a “Big Daddy” we all have to answer to sooner or later.
Rudd’s interest in Christianity seemed to date from when Family First were starting to get some electoral traction. I doubt it would ever interest Therese much.
You wonder how it is that these people (Rudd, Gillard, you name them..) are all so certain they will never have to face justice of the kind they would subject us to for far less.
Rudd is only like the rest of the Labor mob corruption is part of their DNA. they cannot help it, if you lay down with dogs you will catch fleas and Rudd has been on the flea catching bus for a long time. It is unfortunate that only a few of them have been caught but few have been punished. Unless someone takes up the codgel they will all walk away with a tax payers funded pension and live happily ever after. It is a wicked world but it is the only one we have. Allan from Myalup WA.
Great that you are going to follow through with this, I also believe that there will be a great deal more to dig up in this case.
It is unbelievable how these labor-people stick together it is obvious there are good reasons, it is like nepotism.
Keep going for it Shane. Your work in uncovering these unending frauds and deceptions by the Labor hierarchy is magnificent. Why can’t we get this info on radio thru’ Jones, Hadley and their ilk? Would make interesting news with 3 days to go to the election…or would the mass-media guru’s simply put it in the “too hard” basket and ignore it like they usually do?
Therese Rein is a very smart honest lady and should be judged on her success for who she is and not about politics.
She is very smart, I’ll give you that much at least.
And you know this how? She sold out here in Australia to deny a conflict of interest but her $$$ worth still grows at an alarming rate. Money makes money and even easier if it is corrupt money
Carola it smells of corruption and a conflict of interest you cannot get contracts for your company when your husband is in Government!
Make an investigative TV programme on this story…and you’ll win a Walkley Award for excellence in journalism…Kevin Rudd has been telling furfies his whole life…right from when he said his family had to sleep in a car after they were ‘kicked off’ the property his father was managing for his uncle.
Have to agree with all the comments about your investigative work Shane. First class But does anyone really believe that with all the crooked politicians, Judges, union hacks, highly-paid heads of Govt. depts, first-class barristers/lawyers, that any of this corruption will result in successful prosecutions? Not unlike the handyman shonks, real-estate crooks who rip of millions from the poor unsuspecting public . You very rarely hear of successful results or jail time. “Greed is Good” is the way of the world today & doesn’t matter how morally wrong to achieve it. I hope to hell that I’m wrong with this
reasoning & sometime in the future see a positive result when these people are brought to account through the judicial system of this great country.But I’m not holding my breath!
All power to you ,Shane.
From The Australian 24 May 2007
“……When the Keating government outsourced job placement for long-term unemployed in 1993, Work Directions won a contract.
But the big boost to the company’s fortunes came in 1998 when the Howard Government abolished the old Commonwealth Employment Service and established the Job Network, which outsourced the placement of all unemployed people.”
The boost in the company’s fortunes was such that in 2007 when Therese Rein sold her Australian interests in Ingeus after Kevin became PM, she received $127 million for those interests. Those government contracts, courtesy of the Australian taxpayer, really paid well. Work Directions (Ingeus) just had to get its foot in the door with the first government contract (State then Federal) and the money tap was turned on for it.
Keep up the great work Shane in exposing these greedy low life politicians and their family/party interests. I notice that prior to the past week or so of this election Therese was barely visible, probably over in the UK making more money out of the conservative government there but has been everywhere beside Kev telling all who will listen what a great bloke he is and how tough he had life. Why then does she sign a legal document (as in your last post) citing that her main country of residence is the UK?? This needs to be outed in the MSM exposing this couple for who and what they are…Liar and cheats the pair of them. Shane you really do need to get this information onto a TV programme so that the everyday Aussie can be made aware of the real Kevin Rudd and his wife Therese Rein.
I agree with Suse. I sent the basic details of the Rudd/Rein article and the KCA website info to Alan Jones at 2GB last night to his station email address. Not sure if he will use your material Shane but we need to get this story out somehow now. All power to your pen, Shane!
This will be as untouchable as the AWU scam for the Lamestream media.
That’s why it is important for everyone to use the Facebook and Twitter etc. buttons on the post to promote it.
Shane, This academic paper might interest you as to the evolution of Job Network organisations like Ingeus.
Centre of Full Employment and Equity
Working Paper No. 08-06
National, regional and local employment policies in Australia
Dr Beth Cook
Page 17 – “In 2005-06 there were 113 Job Network organisations with around 10,000 staff at 1,154 sites across Australia who received $1,250 million for employment services in 2005-06.
Page 18 – “In ESC2 the public sector lost the majority of its business and contracts were divided between private and non-profit organisations. In both these rounds competition was based on price and quality. However, ESC3 marked a withdrawal from the competitive model with only around 40 per cent of contracts open to tenders. In July 2006 ESC3 was extended. The government also fixed contract prices and limited competition to quality of service which was measured by DEWR star ratings for providers.”
So if you owned a Job Network organisation, you earned a pretty penny from the government. We know that Therese Rein operated Ingeus but did she have connections to other Job Network organisations? The other relevation that this paper disclosed was that once you scored a contract in the Job Network scheme and you as a provider scored a high star rating then you did not have to tender for further contracts. You became a preferred provider with continuing work from the government and were not required to tender for further contracts. Lucky you, lucky Ingeus and luckyTherese Rein.
I think it should be noted that Ms Edwards did not remain a nun for any great length of time. She was a very successful, and obviously wealthy, physiotherapist in Brisbane for many years, better known by the name Jane Edwards, and it strikes me now that she was also a very astute businesswoman! She obviously had her fingers in the big pie too!
My problem with Labor is how do we get rid of them forever! they are a snake with many heads and their corruption goes back years. I have family that work for Slater and Gordon who started a solictors union!!?? why!? and a red flag waver? you can be smart but stupid at the same time Labor worry me on every level!!
Shane one question, When and where will the court case take place to bring this creation to heal? As with Julia Gillard, are these creations that well protected by all that nothing will ever be investigated fully by the open courts, or is there someone who is willing to risk every thing and take them down?
When it comes to back scratching, every one has an itch.
I Heard or read about part of this story before a while ago. I believe it is a true story.
I also read not so long ago, that Geogh Whitlam taught his disciples to ‘milk the system’.
Well, he sure did, I am sure that Kev and Therese are doing exactly the same and of course at present we see Julia Gillard also following that example.
Do not forget that Gillard gave either three or four Million to the Whitlam Institute at one of the Sydney Universities, she also gave 100 Million to the University of Adelaide in the dying days of her government and guess what, Gillard has been offered a ‘Professorship’ at the Adelaide University and will have her ‘offices’ there.
Then of course there is the story of how therese began her business on this web-site
Yes, we are paying allright!!!!!!
As we all know, our rotten politicians are a disgusting lot of overpaid parasites, the likes of dud Rudd and crew come as no surprise, in tune with how low the rotten labor party are viewed by most Aussies. What really annoys me are all the crooks that ICAC fingered, none are in jail, most all still have their jobs, nothing has changed. MR
Nothing surprises me regarding the activities of Rudd and Rhein at all.
And he still gets all the perks as an ex PM and between them they have multi millions in assets and have obviously no qualms of taking all these freebies etc.
I wonder how these two will take all their hard earned money with them? May be they will use Travellers Cheques? As well all know the Rich stink just as much as the poor when the time comes.
How well the word CRUD fits with the RUDDS. Definitions for CRUD as follows:- “Comptemptible person/s”, loathsome , despicable,disgusting, repulsive, etc. Can’t add much more to those descriptions.