Solomon Lew Net Worth is$Billion
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Solomon Lew (born 22 March 1945) is an Australian businessman, and one of Australia's richest men. His principal commercial activities involve importing apparel, toys and other goods into Australia from China and share market investments, principally in retail companies.
He was formerly a director then Chairman of the board for Coles Myer (now known as the Coles Group) until voted out by shareholders after a series of controversies related to his private dealings with the company. He was also involved in an unsuccessful attempt to resurrect Ansett airlines with Lindsay Fox following its collapse in September 2001. In 2008 he returned to the board of his public company vehicle Premier Investments and became its chairman.
While Chairman of Coles Myer, Solomon Lew involved the company in a deal with a private company Yannon Pty Ltd which ultimately lost Coles $18 million. The money was used to help fund a company of Lew's called Premier Investments which in turn owned shares in Coles Myer. The money was used to help meet Lew's debt servicing obligations to banks, which were high due to his high level of indebtedness and high interest rates at the time .
The Australian Broadcasting Corporation's PM programme described the transaction:
"The Yannon deal was an undisclosed indemnity given by Coles-Myer to a shelf company called Yannon set up by CS First Boston. It bought shares in a company called Premier, a major shareholder in Coles-Myer controlled by then Executive Chair of Coles, Solomon Lew. It guaranteed Yannon against any losses in the share deal, eventually costing Coles $18 million. Coles retrieved $12 million in a later agreement between itself, Mr Lew and with other parties.
The funding of the buying of its own shares, the apparent involvement of the Chairman and the lack of disclosure raised serious governance issues for Coles-Myer, and ended with the replacement of almost the entire Board of Directors and the withdrawal of significant shareholde

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Solomon Lew Latest News

Myer Holdings Ltd warned that summer is coming

At the retailer’s AGM, its chairman Solomon Lew took aim at Myer over its abject performance this year and reluctance to work with him to improve things. Mr Lew stated that: “The pressure is on the Myer Board – having aggressively denied our help ...
Posted: November 30, 2017, 9:33 pm

Australian retailers are willing Santa to appear soon

The analysts say the greatest downside over Christmas is for Myer, Harvey Norman, JB Hi-Fi and Solomon Lew’s Premier Investments. “The signs are not great because the lead-up has been soft, discounting has been pulled forward and there are few ‘must ...
Posted: December 11, 2017, 4:51 pm

Smiggle to hit $450m in sales by FY2020

Premier Investments chairman Solomon Lew has upgraded the long-term outlook for the group's star business, stationery chain Smiggle. Mr Lew says Smiggle had been targeting sales revenue of more than $400 million by the 2020 financial year but the brand's ...
Posted: November 30, 2017, 7:21 pm
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