Ben Polis sells stake in Energy Watch after nightmare week

Disgraced former Energy Watch chief executive Ben Polis has sold his stake in the company to his business partner, after a controversial week that started with him being accused of racist remarks on Twitter and ended with an investigation by the Fair Work Ombudsman.

The move to sell his stake – worth 50% of the company – concludes his association with the energy broker. Several energy retailers have already said they’ve cut ties with the company too.

According to Fairfax, Polis has sold his shares in the company to former chief financial officer and current chief executive Luke Zombor, who also owned the other 50 shares.

This comes as the company remains under investigation by the Fair Work Ombudsman over alleged workplace law violations. A letter leaked from the Victorian Employers’ Chamber of Commerce and Industry in February showed it was concerned over some allegedly unlawful practices, including failing to pay $500,000 worth of employee entitlements.

Reports also indicate the Australian Securities and Investments Commission is investigating the company, but it told SmartCompany this week it declined to comment.

Energy Watch was contacted by SmartCompany this morning, but a reply was not available prior to publication.

Meanwhile, Fairfax has also reported that a public relations agency hired to run a grant program on behalf of Energy Watch terminated its agreement with the company before any winners were announced.

This is only the latest controversy that has emerged after Polis’ racist outburst on Facebook. Energy retailers have severed ties with the company, along with football clubs that previously received sponsorship cash from Polis.