Former Billabong CEO Matthew Perrin proposed to his girlfriend, Belinda Otton, with a ring worth about $50,000. This comes just months after he was mysteriously released early from jail. He was serving a sentence for a charge of fraud.
Who Is Matthew Perrin?
Matthew Perrin is the former CEO of Australian brand Billabong. He and his brother Scott made their fortune by buying a 49% stake in the company for $35 million in 1999. They would later sell it for more than double the amount. He went on to work with various investment banks, also investing in a speculative Chinese Supermarket. He went bankrupt later on, owing about $42 million in 2009. Perrin has never spoken publicly about his early release from jail, but previously told those close to him that he was a ‘model prisoner’ and his early release was ‘unprecedented.’ He was labelled as “remorseless” during the trials for trying illegal methods of maintaining his lavish lifestyle.
Why Was Perrin Serving A Prison Sentence?
Perrin was serving a prison sentence until he was abruptly released a few months ago. He was due another year in jail before he was eligible for parole. All this came after a secret hearing at the Supreme Court. Perring was sentenced to eight years in prison for his fraudulent activities back in January of 2017. He forged multiple signatures of his ex-wife Nicole Bricknell and also forging his brother’s signature as a witness. He forged the signatures in order to secure a loan worth $13.5 million from Commonwealth Bank for their waterfront home.
Perrin proposed to his longtime girlfriend Otton with a custom-made diamond ring costing about $50,000. He proposed a week earlier at the luxurious Sheraton Mirage Hotel at the Main Beach. The former executive was then seen celebrating with his family and friends at an exclusive Crystal Lounge at the Gold Coast Turf Club. Reportedly, the members of the celebration were well looked after. According to the Courier Mail, French champagne was flowing for everyone, starting at $164 a head.