Source : THE AGE NEWS
A local court judge has disqualified the local boss of one of the world’s largest private equity firms from driving after a “shocker” in which TPG Capital’s Joel Thickins crashed his car into five others and refused a breath test earlier this month.
Thickins was handed a nine-month suspension to his license and fined more than $1300 by magistrate Michael Barko after he pleaded guilty to negligent driving and refusing a breath test on Tuesday.
“It is an absolute shocker,” Barko said. “Without maiming or killing someone, it can’t get worse [than this].“
Early this month, NSW Police were called to a car crash in Sydney’s eastern suburbs, where Thickins crashed his BMW into a Mazda before hitting another four parked cars on York Road in Queens Park. He refused a roadside breath test.
The high-profile private equity boss, who also acts as the co-head of TPG’s Asia operation, was arrested and taken to Paddington police station for a breath analysis, NSW Police previously told this masthead in a statement. Thickins also refused the station breathalyser.
TPG has owned major stakes in numerous Australian companies, including a current investment in vet chain Greencross. It was also involved in a takeover and restructuring of Myer in the 2000s.
On Tuesday, Thickins issued a statement apologising for the incident through his public relations representative.
“I would like to sincerely apologise to the police, the court and the people impacted by my reckless actions on 1 June. I am fully aware of the seriousness of the matter and know that I have let down my family, my friends and the community,” he said.
“I accept full responsibility for the accident. I apologise again for the inconvenience and distress caused and I will meet all costs for the damage. I’m very grateful no one was injured or hurt.”
TPG Capital has launched an investigation into the circumstances surrounding the crash.
“TPG takes this situation seriously and has been working to assess the facts and context in full to identify an appropriate course of action,” a TPG spokeswoman said in the statement.
“Upon learning of the collision in Sydney, TPG promptly engaged a leading international law firm to conduct an investigation of both the circumstances surrounding the collision and other allegations of which we became aware following the accident. While we await the outcome of Australian court proceedings related to the collision, the investigation to date has not identified any evidence that corroborates these allegations.”
TPG Capital is not related to the telecommunications company of the same name.
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Colin Kruger is a senior business reporter for the Sydney Morning Herald and The Age.Connect via email.
