Updated ,first published
Joel Thickins, the local boss of one of the world’s largest private equity firms, appeared in a calm mood as he waited to enter court on Tuesday to be sentenced for driving offences that a magistrate said were as bad as it gets without maiming or killing someone.
Despite facing charges that could technically lead to 18 months in jail, the Australian chief executive of TPG Capital quipped with a stranger in the John Maddison Tower court complex in the Sydney CBD.
“You smell nice,” said a woman sitting behind him who picked his fragrance as a scent from the French fashion house Givenchy. “Can you smell fear?” Thickens replied in a lighthearted tone.
He remembers the conversation differently. Sources close to him said he turned to his lawyer and quipped it was “better than smelling like fear”.
There was no need for Thickins to fear a potential jail sentence – as local court judge Michael Barko made clear – despite receiving lacerating remarks from the bench.
“It is an absolute shocker,” Barko said. “Without maiming or killing someone, it can’t get worse [than this].”
He described how Thickins hit two cars in oncoming traffic before losing control and rear-ending another car with such force its rear axle was “sawn off” and his vehicle was forced into two other parked vehicles. Then there was Thickin’s refusal, twice, to submit to breathalyser tests and refusal to co-operate with the police.
“He was obviously indignant, also argumentative and didn’t know the law no doubt” Barko said, because he risked jail time when “he may have blown a low range”.
For this, Thickins was fined $1430 and banned from driving for 9 months. But he was not sentenced to jail, with the judge citing Thickins’ previously clean record and guilty plea.
The high-profile private equity boss, who also acts as the co-head of TPG’s Asia operation, issued a statement apologising for the incident through his public relations representative on Tuesday.
“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 had launched an investigation into the circumstances surrounding the crash.
“While we were disappointed to learn of Joel’s actions when he was involved in a car collision in Sydney, we acknowledge that Joel is taking full responsibility for his actions and the impact they have caused and that he appreciates the seriousness of the matter,” a spokesperson said.
“Since the collision occurred, TPG has undertaken a comprehensive third-party investigation into the circumstances surrounding the collision as well as a set of unrelated allegations that publicly emerged several days later. The investigation has determined those unrelated allegations to be entirely without merit. We will be communicating directly with our stakeholders in the coming days as to the broader path forward.”
The unrelated allegations refer to reports in the Australian Financial Review concerning a multimillion-dollar payout to a former senior TPG executive, Rob Speedie, after he reportedly threatened to expose what he described as a culture of drinking and drug-taking at the firm.
TPG Capital is not related to the telecommunications company of the same name.
TPG owns multiple businesses in Australia including Greencross vets, and has previously controlled department store giant Myer and the country’s biggest chicken producer, Ingham’s.
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Colin Kruger is a senior business reporter for the Sydney Morning Herald and The Age.Connect via email.
