The shadowy, bizarre company that bought Tinkler’s stud

Four weeks after the announcement that Nathan Tinkler’s Patinack Farm horse stud had been sold, the sale has still not been completed and doubts are growing about the deal and the company behind it, United Arab Emirates-based private investment group Cibola Capital, with some wondering if Cibola is all that it seems.

Although Tinkler’s statement quoted “Cibola chief executive Daniel Kenny” and the company’s website, launched in August 2013, lists him as “president/chief executive”, some are even questioning whether he actually exists. The website claims he’s the grandson of another Daniel Kenny, founder of the “DP Kenny Construction” company in 1927, which went on “to be one of the leading construction companies in Sydney at the time”. Yet searching the digitised newspapers on Trove turns up no reference to the company, no tenders, no company or job advertisements, nor is the company listed among either the Sydney or Country Builders in the Sands Directory 1930 to 1933.

Beyond Tinkler’s statement, Cibola’s website, and another, it’s hard to find any trace of either Kenny. Of Cibola’s “executive management” team, only “vice-president and director of mining” Michael Dewick can be cross-referenced. Dewick’s LinkedIn page lists him as “managing director at CSI Investments”, UAE. But ASIC lists him as director of Perth-based Commercial Services International Investments, whose registered office is shared with the “Exclusive Backpackers” hostel at 158 Adelaide Terrace. Crikey attempted to contact the backpackers’ hostel, with no success. And what is CSI? Cibola’s website says, “Through over 80 years the company has gone through name changes and diversification”, and “CSI Investments” appears to be the company’s immediately preceding name — which the uncannily similar websites reflect.

Although both those websites claim “over 3,000 dedicated staff around the world”, neither bears close inspection, with multiple copyright and trademark infringements, mangled English, dubious claims, and one cracking typo — “Cibola Capital has been investing in the Mining and Expiration for over 40 years”. Among the 24 companies in which Cibola claims to invest are several household names like Apple and Facebook, but also included are the much less well-known RTG Motorsport, Falcon Sports and Emirates Tuna, whose legitimacy and existence is debatable, with no listings in Australian or UAE company registries. Both seem to have “borrowed” their logos from other companies. Text has also been lifted from the websites of other, legitimate investment companies. New York-based Cerberus Capital’s website has been hardest hit, with Cibola reproducing Cerberus’s “Control and Non-control Private Equity Investments”, “Investment Strategies” and “Corporate mid-market Lending” pages word for word. Cibola’s “Values”, which include “the highest ethical standards”, are also taken, word for word, from Advent International’s website.

Online directory has an entry for CSI Investments, and Michael Dewick’s older brother Steven is listed as the chairman and chief operating officer. The company profile says it is “one of Australasia’s leading sports, recreation, leisure groups” and that “all the associated companies have expanded rapidly” — although the two mentioned, Aquatic Diversions and Leisure One Management, have both been deregistered with ASIC, Aquatic Diversions in 2007 and Leisure One Management in 2005. The address for Leisure One on the Central Coast was also home to the Tascott and Steven Dewick Swim Schools, both of which have also been removed from the ASIC registry.

Page 1 of 2 | Next page

Tags: , , , ,

Categories: Companies, Guardian, Players

5 Responses

Comments page: 1 |
  1. to see the “borrowed” logos check out www. and compare “Emirates Tuna” with and, “Falcon Sports” with, “King Pastoral” with

    by kiwa fisher on Jun 17, 2014 at 1:50 pm

  2. wotta surprise, he can’t even go broke non-grubbily.

    by AR on Jun 17, 2014 at 4:29 pm

  3. So all OK then? You’re not going to be popular in some quarters, but nice bit of journalism. And I am enjoying the recurring theme of ex-swimmers going feral that’s been happening in the news for the last year or so.

    by 64magpies on Jun 17, 2014 at 8:02 pm

  4. Commercial Services International Investments Pty Ltd, Australian Company Number 158 397 392, is the current (and only) name of the company of which Mr Dewick is sole director.

    The website doesn’t give the full name of the company at any point, nor the ACN. The website is arguably required by law to have both.

    There is a separate, seemingly unrelated company named CSI Investments Pty Ltd, which is in the process of being struck off following its winding up. There is no current registered business name “CSI Investments”. So, the company should be using its full name: Commercial Services International Investments Pty Ltd.

    The company’s registered office is in Parramatta, NSW. It is Mr Dewick’s address which was given as 158 Adelaide Terrace.

    by The Cleaning Lady on Jun 18, 2014 at 11:34 am

  5. The business name “Cibola Capital” has been removed from the ASIC register.

    There were three companies called Cibola Pty Ltd: two have been deregistered and the third is subject to a strike off application.

    by The Cleaning Lady on Jun 18, 2014 at 11:37 am

« | »