I guess we no longer have to wonder why Fairfax cut Michael Field loose, he has caused them (and him) to be on the receiving end of a defamation suit from one of New Zealand’s richest men.
New Zealand-born businessman and rich-lister Stephen Jennings has launched defamation action against Fairfax Media and a senior journalist.
Jennings, estimated to be worth around $950 million according to the National Business Review, was once seen as the country’s richest man.
Originally from Taranaki and now in his mid-50s, Jennings founded the investment bank Renaissance Capital in Russia during the 1990s.
In 2012 the Financial Times reported that Jennings gave up control of Renaissance Capital to his Russian billionaire partner.
In March, Fairfax Media – which owns stuff.co.nz and a string of newspapers around New Zealand – published a story written by senior journalist Michael Field about Jennings’ business activities in Russia and Kenya. Read more »