Plot Thickins

Good morning.

TPG Capital, one of the biggest PE players in Australia, is dealing with two scandals that have, ehm, collided.

The AFR last night went through how former senior TPG suit Rob Speedie was allegedly paid millions and NDA’d last year after threatening to expose an alleged drinking-and-drugs culture inside his shop.

Then there’s the aftermath of Asia co-head Joel Thickins planting his BMW into five cars in Sydney’s eastern suburbs earlier this month.

The Speedie story seemed to finally flush TPG out. Its first word on the crash was an investigation (naturally, run by “a leading international law firm") into the regional boss, who apparently twice knocked back a breath test that night and remains on paid leave before a 30 June court date. The probe also covers “other allegations”, though TPG says nothing so far corroborates those.