COMPETITION tsar Graeme Samuel's blind trust has again been restructured, following the resignation of former stockbroker Andrew Kroger as sole director of the trust companies.
Mr Kroger, who is often overseas, stepped down as a director of Lyngrae and Samfa, part of the structure that holds Mr Samuel's 25 per cent interest in the old DFO holding company Austexx.
He declined to comment when contacted by the Australian.
The new director of Lyngrae and Samfa is Peter Still, who, among other things, is listed in ASIC records as the principal executive officer of the Canned Fruits Industry Council of Australia from 1991-95.
Mr Still could not be reached for comment.
As DFO's predicament has worsened, Lyngrae and Samfa company officers have been turned over a number of times.
Last August, with the discount shopping centre empire on the brink, Mr Samuel publicly lamented the loss of his family fortune, saying it was "distressing indeed" for his children and grandchildren as beneficiaries of his estate.
The month before, in July, Austexx chief executive Geoff Porz stepped down as a director of the trust companies.
Ex-ACTU boss Bill Kelty followed him out the door days later.
Packer family confidant Guy Jalland came in as a director in July, only to resign last October, leaving Mr Kroger as the sole director.
As trustees, however, Mr Jalland and Mr Kroger represented Mr Samuel's interests in protracted workout negotiations of the DFO South Wharf project in Melbourne's Docklands precinct.
They were able to negotiate a $5 million benefit for Mr Samuel in return for allowing Austexx to take on more debt to complete South Wharf.
The negotiations culminated in the $498m sale of four DFO centres, including South Wharf, to CFS Retail Property Trust in September.
While the transaction settled last December, the $5m is understood to be still sitting in a law firm's trust account.
Disbursement of the money, as well as further funds, won't occur until all parties have agreed.
Mr Samuel is due to step down as chairman of the Australian Competition & Consumer Commission at the end of July, to be replaced by Rod Sims.
He remains embroiled in a Victorian Supreme Court case, where lenders are seeking to recover $7.7m in unpaid interest under personal guarantees signed by his business partners, David Golberger and David Wieland.
They have joined Mr Samuel as a defendant, seeking to rely on an indemnity provided by the ACCC chief if the court enforces their personal guarantees.
Mr Samuel is defending the proceedings, while Mr Goldberger and Mr Wieland are resisting the lenders' move to enforce the guarantees.
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