Business

Bill Gates buys into world's largest security company

THE world's richest man and the world's biggest security company are working on the same team.

Bill Gates, the Microsoft founder and philanthropist, has been revealed as an investor in G4S, with a stake of more than 3 per cent.

G4S was the security company accused of bungling security at the 2012 London Olympics.

The investment is divided between the charity run by him and his wife, the Bill and Melinda Gates Foundation, and his asset management firm Cascade Investment.

The security giant is working to restore its reputation after its chief executive, Nick Buckles, quit last month after a profits warning that saw shares in G4S plummet nearly 15 per cent in one day - the latest in a string of embarrassments.

Before last year's Olympics fiasco, when a failure to provide enough staff resulted in the Army having to be called in, angry shareholders forced the abandonment of a £5.2bn takeover of the Danish cleaning group ISS in 2011.

With G4S announcing yesterday that Mr Gates' stake had risen to 3.2 per cent by the purchase last week of some 6 million shares, a spokesman for the company said a meeting between the two parties would be arranged.

The shares purchase is a vote of confidence in the company and a boost for Ashley Almanza, who has not had a quiet start since becoming chief executive on 1 June. G4S's annual meeting last week was disrupted by protesters angry over Jimmy Mubenga, an Angolan who died while being deported from the UK by G4S guards. More than 20 per cent of shareholders also voted against executive pay at the AGM.

Other UK investments held by Mr Gates include the Guinness brewer Diageo, and retailer Carpetright.

However, shares in G4S, which have dropped more than a fifth since April, failed to rise on the news, closing 1.8p lower at 242.8p.

Topics:  bill gates, microsoft, philanthropy




Join the Community.

Get your local news, your way.

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Lazarus heads to Ipswich

Palmer United Party Senator Glenn Lazarus will visit Chinchilla this weekend.

Meet and greet at Booval Fair

Medical condition blamed for crash

Queensland Ambulance Service on scene of an accident.  Photo Brenda Strong / The Observer

Driver being treated for suspected medical condition

Woman dies after jumping from car at Haigslea

No Caption

The incident occurred at intersection of Schultz Rd and Warrego Hwy

Latest deals and offers

Federal Police Defuse Dance Bomb

Australian Federal Police respond to "threat" in Canberra.

Australian Federal Police respond to "threat" in Canberra.

USQ graduation march

USQ graduation march.

USQ students proudly march through the Ipswich CBD to the Civic Centre where they...

NSW Police join Dance Challenge

NSW Police show their moves at Manly Wharf.

Manly Wharf is the backdrop to NSW Police running-man dance entry.

Demand for acreage lots pushes up property prices

Property values in Cooroy have increased 25%

Property values jump in Cooroy and Peachester.

How a sacked real estate agent made $725k in four months

Agent is now under investigation by the industry watchdog

RBA warns of future apartment oversupply

Toowoomba: Crest Apartments and Burke & Wills, Ruthven Street ( view from Neil Street) Photo Bev Lacey / The Chronicle

RBA says oversupply of apartments poses risk to household finances