Buyer sues Stewart family over $42m spray-paint sale, citing alleged fraud and arson scheme
Andrew King is suing David Stewart and related companies for alleged misleading conduct in the $42 million sale of MMP Industrial, while also raising claims of an $8 million arson attack on a rival and a foiled murder plot.
In 2022, Andrew King celebrated the $42 million acquisition of MMP Industrial from David Stewart and his sons, only to later allege that the business was far from the profitable, competitor-free operation presented during negotiations. Legal documents filed in the NSW Supreme Court detail King’s claim that the Stewarts engaged in misleading and deceptive conduct, including a disputed $3 million balance claim. The filings also expose a 2006 arson attack on rival Stalyce’s factory, allegedly arranged by MMP’s manager Brian Murphy and executed by ex-inmate Gavin Crosby, which caused more than $8 million in damage.
A separate, unsuccessful plot to murder Stalyce’s owner Craig O’Sullivan is also described. The Stewarts deny the allegations and have launched their own suit for the outstanding payment, while the high-stakes trial is set for November.
Why it matters
The case highlights potential fraud and criminal conduct behind a major Australian industrial sale, affecting investors and industry competition.
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