Business partner accuses Stefanovic of ‘oppressive, unfair, prejudicial’ move to force her out
Karl Stefanovic faces having to buy out his business partner, Keshnee Ibrahim, or liquidate the company behind his fledgling podcast, a NSW Supreme Court judge has told lawyers for the former Today show host.
Ibrahim, nee Kemp, the founding partner and owner of 45 per cent of The Karl Stefanovic Show’s production company, sought urgent orders from the NSW Supreme Court this week in an attempt to stop Stefanovic pushing her out of the business.
Via her lawyer, Monica Allen, Ibrahim accused Stefanovic of running the podcast venture in an “oppressive ... unfairly prejudicial … or unfairly discriminatory” manner by trying to oust her from the company.
The pair filed documents to the corporate regulator last November establishing the company, over which Stefanovic appears to have effective control via his own 45 per cent shareholding and another 10 per cent held by his accountant, Anthony Bell.
But less than one year after founding the podcast company, the court heard on Tuesday morning that there had been an “irreconcilable breakdown in the relationship” between Ibrahim and Stefanovic.
At the preliminary hearing, lawyers for Ibrahim asked Justice David Hammerschlag to appoint an independent expert to determine the value of Kemp’s 45 per cent stake in the company.
Hammerschlag told the parties there were probably two options to resolve their “irretrievably broken-down relationship”: either to agree to a buyout or liquidate the company.
Stefanovic’s lawyers requested that a valuation of the company be determined for its value “pre-August 7”, suggesting a major development in the breakdown between Stefanovic and Ibrahim occurred on that date, though the full nature of the fallout is unclear.
The matter is expected to be heard over two days from October 13. On Tuesday, Hammerschlag made orders to prevent any board meeting to push out Ibrahim happening before the case had been resolved by the court.
This masthead previously reported that Stefanovic and Ibrahim were at odds over the direction of the podcast, and who was to blame for a controversial interview Stefanovic conducted with British far-right provocateur Tommy Robinson that led to his sacking by Nine.
Nine is the owner of this masthead.
The Karl Stefanovic Show has not published any episodes since August 24, when Stefanovic interviewed “de-aging” men’s surgeon Buck Parker.
Stefanovic has taken a holiday to Europe while the matter has reached the courts. Neither he nor Ibrahim has commented.
More to come.
The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.
KioskNews shows a cleaned-up reading view extracted from the publisher’s page — the original always lives on their site, not ours.