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Crown Resorts Owner & Australian Billionaire James Packer Quits 22 Boards as He Battles Mental Health Issues

Crown Resorts Owner & Australian Billionaire James Packer Quits 22 Boards as He Battles Mental Health Issues

Crown Resorts owner & Australian billionaire James Packer has quit directorship on 22 boards in Australia as he battles mental health issues.  On 27th June 2018, he resigned from his private holding company, Consolidated Press Holdings (CPH) and subsequently another 21 board directorships.

” Crown Resorts Owner & Australian Billionaire James Packer Quits 22 Boards as He Battles Mental Health Issues “

James Packer has an estimated fortune of more than $4 billion and is Australia’s top 10 wealthiest person. In March 2018, he had resigned as director of Crown Resorts and in recent times, has been battling business and personal issues.  He was linked to a corruption scandal involving Israeli Prime Minister Benjamin Netanyahu, who is being investigated for receiving lavish gifts from businessmen including James Packer.  In Australia, he reportedly had $2.3 billion of debt at CPH & over $3 billion of debt at Crown, and exited his casino business in Macau after investigation & fines by Chinese authorities.

In 2015, after almost 10 years of negotiating, a settlement was reached with his elder sister, Gretel Packer over his late father’s $1.25 billion will.  In 2017, he ended his relationship & engagement with pop star Mariah Carey and made a settlement of more than a few million dollars to her.

James Packer, born in 1967 and age 50, is the son of the late Australian media mogul Kerry Packer who founded Publishing and Broadcasting Limited, and inherited Consolidated Press Holdings.  Crown Resorts was founded in 2007 through a divestment from Publishing and Broadcasting Limited.

Source: ABC, Reuters, TWI

 

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