More than $70 million has been cut in the share price of a growing whiskey company after a video was published of its CEO smoking from a glass pipe.
Geoff Bainbridge, 50, resigned as chief executive of alcohol company Lark Distilling on Wednesday after The Australian published the video.
Lark Distilling, one of the largest shareholders in the whiskey distillery with a stake reportedly worth $17 million, released a statement in which Mr Bainbridge said he would “step down with immediate effect to allow him to settle a personal matter.” to arrange’.
Lark’s stock price had risen nearly 200 percent in the past year.
Bainbridge is a co-founder of the popular hamburger chain Grill’d, but left the company in 2015, shortly before the video was shot.
The father of four told Nine Newspapers that he believed he had been the victim of an extortion attempt by an international criminal group.
Australian businessman Geoff Bainbridge has resigned from his position as CEO of alcohol distillery Lark when a video appeared of him holding a glass pipe
“In the end I put myself in a situation where I shouldn’t have been,” he said.
“I am a victim of extortion, but that would not have happened without my poor judgment. I deeply regret my own actions.’
Bainbridge told Nine he was not a typical drug ice cream user.
The footage, reportedly shot in a Southeast Asian country in 2015, told the now-former CEO: “Let’s get f***ing high together, honey. I’d smoke meth and just blow it all over your pussy.”
“I’m so high, I’m so damn horny.”
In the video published by The Australian, he was seen wearing only a pair of underwear while mumbling into the camera.
Bainbridge told The Sydney Morning Herald that he had been the victim of an extortion racket since December 2015.
Bainbridge claimed he woke up after a night of partying to find two strange men showing him the footage of him with the pipe.
Bainbridge told Nine Newspapers that he believed he was the victim of an attempted extortion.
“I was just shocked. You’re like, “What else happened? What else am I not remembering? How am I going to explain this to someone?”‘ he said to the Herald.
He claims the two men then threatened to make the footage public and demanded money from Bainbridge and he gave them $3,000.
A few years later they came back and demanded more money. Bainbridge gave them another $9,000 over 14 consecutive payments.
WhatsApp messages allegedly sent to Bainbridge by the men show that they are making threats to show the images to his children and the media.
“You just have to negotiate and everything will be fine,” someone said.
“Tick tock little man.”
Because of his apparent drug use, the businessman did not go to the police, but sought advice from a global risk advisory group.
He was told to either continue to pay off the men, or to hope they would leave, despite threatening to leak the vision to Australian news channels.
The video was filmed after Bainbridge’s partnership with the popular burger chain Grill’d. had ended
One video has been edited to make it look like it was shot last year instead of 2015.
Bainbridge’s lawyers told the Australian he was the subject of an “ongoing, sophisticated and recently intensified extortion attempt by overseas individuals using manipulated unverified images.”
‘Mr Bainbridge’s attempted extortion began years before he had any involvement with Lark Distillery; and Mr Bainbridge has enlisted the help of London-based professionals in the extortion attempt.”
Bainbridge was appointed general manager of Lark in 2019. Lark Distillery is listed on the Australian Stock Exchange.
The share price had risen from $1.53 to $4.52 in a year, valuing the company at approximately $340 million. Lark’s stock price was $3.90 Thursday morning.
Bainbridge had also helped run Grill’d with director Simon Crowe since 2004 before the couple got into an argument over ownership of the company in 2016.
Source: | This article is originally from Dailymail.co.uk
This post Grill’d investor and CEO Geoff Bainbridge’s meth pipe video sees company lose millions
was original published at “https://www.soundhealthandlastingwealth.com/health-news/grilld-investor-and-ceo-geoff-bainbridges-meth-pipe-video-sees-company-lose-millions/”