New York: US President Donald Trump has pardoned British billionaire Joe Lewis over an insider trading conviction relating in part to Lewis’ ownership of Australia’s largest cattle owner and beef producer.
Lewis, 88, pleaded guilty last year after American prosecutors alleged he passed inside information about his companies to two of his private pilots, as well as friends, assistants and romantic partners. He was ordered to pay a $US5 million ($8 million) fine and serve three years of probation.
Joe Lewis, centre, leaving court in 2023 after appearing on insider trading charges for which he was convicted.Credit: Reuters / Amy Alfiky
One of the companies involved was Australian Agricultural Co, which Lewis part-owns through his investment firm Tavistock Group. This masthead reported in 2023 that the company has a 52.1 per cent share of AACo, with mining billionaire Andrew Forrest holding another 18.5 per cent.
A White House official confirmed that Trump approved the pardon and noted Lewis’ long business career.
“Mr Lewis admitted he made a terrible mistake, did not fight extradition in the case, and paid a $5 million fine,” the official said. “Mr Lewis is 88 years old and has requested a pardon so that he may receive medical treatment and visit his grandchildren and great-grandchildren in the United States.”
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Brisbane-headquartered AACo is Australia’s largest cattle herd operator, owning about 6.4 million hectares, or 1 per cent, of Australia’s total landmass. It is the country’s second-largest landowner.
Lewis – who, according to Forbes magazine, lives on his yacht in the Bahamas – formerly owned Tottenham Hotspur football club. His family reportedly retains a controlling stake in the entity that owns the club.
In a statement to the BBC, Lewis said: “I am pleased all of this is now behind me, and I can enjoy retirement and watch as my family and extended family continue to build our businesses based on the quality and pursuit of excellence that has become our trademark.”
