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

Solomon Lew is gearing up for another assault on Myer's board

Premier Investments, a major shareholder of Myer, is preparing to take another shot at dislodging the board of directors of the department store. Solomon Lew's company today demanded a copy of Myer's ...
Posted: October 3, 2018, 7:00 am

HIGH SCHOOLS: Byrer, Hicke nab district titles

4, Payton Bigler, Lew, 16:40.30. 6, Matt McCormick ... 18, Preston Amerman, CV, 18:52.40. 19, Solomon Howard, Logos, 18:56.10. Team results - 1, Troy, 38. 2, Prairie, 59. 3, Deary, 72.
Posted: October 19, 2018, 12:00 am

Solomon Lew says the Myer board of directors is holding the new CEO back

Billionaire Solomon Lew launched another attack on the “dismal performance” of the Myer board of directors. He says the board appears to be forcing new CEO John King to backtrack on his promise to clo...
Posted: October 14, 2018, 7:14 pm
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