It is not often someone pulls out the chardonnay and party hats when losing a court case, but that was the reaction of Albury businessman Allan Endresz.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Justice Richard Refshauge on Friday refused to set aside his 2013 ruling that Mr Endresz and 12 associates pay $70 million in compensation to the federal government from an incident dating back to 1998.
The next step in the case will be the High Court, in a real-life Darryl Kerrigan moment straight out of the movies.
It was 18 years ago when $8.275 million of misappropriated taxpayers' funds found their way into the bank accounts of the Albury man’s family businesses, including Davis Samuel Corporate Advisory Services.
The funds were frozen when the error was finally discovered in 1999 and Mr Endresz has been tied up in legal proceedings ever since to prove his innocence.
He claimed he had no idea the $8m was transferred inappropriately and believes he should be compensated $4.3 billion for lost earnings associated with a capital-raising plan because of criminal charges against him, which ultimately failed.
Justice Refshauge’s decision on Friday meant Mr Endresz could finally move on after nine years of legal proceedings in the ACT Supreme Court and have the case heard in front of a new justice – that is why he was celebrating.
“We’re just so relieved,” he told The Border Mail.
“There was a stuff up and, at the end of the day, we want to see it turned around.”
Time has not softened the demands for compensation.
“We are not flinching,” Mr Endresz said.
“We are going to be a walking disaster for the Commonwealth.”
Treasury had previously listed the case as a financial risk for the federal government.
But the businessman was not scared of the threat to his own finances and position of bankruptcy, despite a loss in the High Court meaning he would have to pay his share of $70m and possibly be forced from his home.
“The fact is there are things that happen in life, don’t be afraid of it,” he said.
Justice Refshauge’s decision was not a surprise to either side, nor was the group’s very quick call to keep fighting the case in the High Court.
Mr Endresz has three weeks to submit his appeal to the court before the next stage of legal proceedings begin and said he was comfortable his argument could be successful.
“I’m going to hang my hat on the High Court cases going back over the years,” he said.
Along with the Chardonnay and party hats, a viewing of The Castle was set to become part of the celebrations.
“We’re going to relive the Darryl Kerrigan moment in the High Court,” Mr Endresz said.
“We just hope we can live up to Darryl’s High Court case.”