Silent Norman Paid $15M By Gerry Harvey Linked Company

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The head of Harvey Norman consumer electronics, David Ackery, and John Slack-Smith have been revealed as having multimillion-dollar loans via private company Dimbula. It has also been revealed that the Norman in Harvey Norman was last year paid $15 million in dividends and $17.9 million in 2008.

According to The Sydney Morning Herald, ASIC filings reveal that Ian Norman, the long-time but silent partner of Gerry Harvey, who is also the second largest shareholder in the mass retailer, paid himself the $15 million despite last year being a tough year for retailers.
Mr Norman, who remains a non-executive director of Harvey Norman and its second largest shareholder with a stake worth some $630 million, received a $17.9 million dividend the previous year.
Dimbulu’s accounts also reveal that John Slack-Smith and David Ackery have two unsecured loans which are listed as ”non-current receivables”, worth $5.3 million; this is up from $5 million in borrowings for the previous year.
Ackery has a $1.5 million loan, which is down from the previous year. The interest terms on the loan are not disclosed.
Last year Ackery sold 350,000 shares in Harvey Norman for a gain of $1.5 million. Chief operating officer John Slack-Smith sold 1.4 million of his 1.66 million shares for $6 million.
Dimbulu, which operates as Mr Norman’s family private investment company, reported a net profit of $20.9 million in 2009, down from $23 million in 2008.
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