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Sydney financiers at war despite Firmus stake settlement

The Australian Financial Review (AFR) •
November 08, 2026 • 01:00 AM
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Simon Raftery alleges his rivals Ben Madsen and Justin Epstein conspired against him after he claimed he was owed part of a stake in the high-flying neocloud.

Sydney financiers at war despite Firmus stake settlement

Sydney financier Simon Raftery has alleged that his rivals, Ben Madsen and Justin Epstein, conspired to pursue him for millions of dollars shortly after he claimed he was owed part of a stake in Firmus Technologies that could have been worth up to $140 million if the neocloud had listed on the ASX.

In a messy dispute among the city’s investment management community, Raftery alleges that Madsen acquired a vehicle known as GI 320 from Epstein’s Gemi Investments in November last year, one month after he had begun his own legal proceedings against his former business partner.

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