Fridcorp boss breaks down in tears after bail denied over $20m extortion case
A prominent Melbourne property mogul was reduced to tears when he learned he would spend the night behind bars as he tried to get bail while fighting extortion charges.
Police allege Paul Fridman, 50, hired a shady offshore operator to threaten two former business partners Ash Boyd and Nigel Givoni into paying him more than $20 million.
Fridman allegedly promised the operator, known as “Mr. International”, 10 percent of the money to be received from the couple.
Police allege that in February this year two victims received threatening messages demanding payments of $20 million and $250,000; The situation escalated on Saturday when a house in Glen Iris was bombed with Molotov cocktails.
Fridman appeared via video link in Melbourne Magistrates’ Court on Monday night, where his lawyer argued he should be granted bail.
The property developer was arrested at his home in Caulfield North on Monday morning and the court heard police seized white powder believed to be cocaine. Detective senior constable Andrew Lauder said Fridman told officers he used cocaine to self-medicate his ADHD.
Lauder said that after his arrest, Fridman contacted Bay International and told him he had hired him to “recoup money he owed.”
“He stated that he had made an agreement with Bay International that a 10 percent fee would be retained from the monies recovered and given to him. [Fridman]” said Lauder.
Fridman is accused of three counts of racketeering, one of blackmail and the other of drug possession..
Lauder told the court the threats against Boyd, a former partner in Fridman’s company Fridcorp, began after Boyd withdrew from plans to develop a hotel and apartments in Queensland on February 20.
The court heard Boyd and Fridman planned to buy a 50 per cent stake in the project from two other parties for about $5 million.
That evening, after rejecting Fridman’s attempts to contact him, Boyd began receiving calls and messages from people and numbers he did not recognize, Lauder said.
Lauder said that in the days and weeks that followed, the man who left the message said he would come to Boyd’s house and threatened Boyd that “people get shot for things like this.”
The man who made the threats, identifying himself as Mr. International and claiming Boyd owed him $250,000, began contacting Boyd’s wife via WhatsApp.
“I’m texting you to reach Ash, talk to him, and make him do the right thing. He took away his shares worth millions, and if he doesn’t turn it over to me, I promise you I’ll make sure people are shot, houses are burned, and people are kidnapped because of it.”
The court heard that a man of Middle Eastern appearance also sent threatening messages to the letterbox at Boyd’s home.
According to Lauder, two Molotov cocktails were thrown into the house just before 4 a.m. on Saturday. Boyd, his wife and their children, ages three and five, were sleeping inside at the time. Although they escaped injury, the house sustained moderate damage.
“It’s nothing short of a miracle that no one was injured,” Lauder told the court. “Police believe the family is still at risk of further arson attacks.”
The court heard that just hours after the fire Boyd received another WhatsApp message from Mr International: “Hey bro, haven’t you changed your mind?” The court heard Mr International’s threats continued until Monday, when Fridman was arrested.
Lauder said he did not believe Boyd owed Fridman any money and that “if anything, the opposite is true.”
The second alleged victim, Nigel Givoni, was Fridman’s business partner for 20 years. Lauder said Givoni parted ways with Fridman after a business deal with which Givoni disagreed, which eventually led Fridman to bankruptcy.
The court heard Givoni stopped responding to Fridman’s messages in November 2023, but Fridman allegedly continued to send him messages asking for money. Lauder said Givoni received a WhatsApp call from Bay International on February 24 of this year.
Lauder said that after Givoni declined the call, Mr. International texted: “I’m calling about Paul, so contact me before I send my kids to visit you,” and later, “Well, it looks like I’m doing things my way. If it’s worth losing your life, then by all means let’s go that way.”
The court heard that after Givoni said it was Fridman who owed him money, Mr International hit back: “I’ve seen it all, you owe him $20 million.”
A Middle Eastern-looking man also arrived at Givoni’s home and spoke to his wife over the intercom, telling her that “this was going to get worse.” The court heard this man and Mr International were not the same person.
Police argued Fridman posed an unacceptable risk of endangering the safety of others and interfering with witnesses if granted bail.
His lawyer, Morgan Brown, argued that because police had no evidence of text messages between Fridman and Mr. International, it could not be said with certainty that Fridman ordered the firebomb or was aware of everything Mr. International was planning.
“I think that might be a bit naive, I’m not convinced by that comment,” the judge replied. He said Bay International’s actions were “intended to persuade these people to give your client a lot of money.”
Brown later changed his mind and argued that Fridman should prima facie be granted bail and that he was a father of two children. He said that although he had a prior criminal history, the charges were unrelated to the current allegations and that this would be his first time being taken into custody.
The hearing will continue on Tuesday afternoon.
Fridman appeared upset as the case progressed, but began to cry loudly when he learned he would be detained overnight. The judge muted the video link.
The court heard police were continuing to investigate Mr International’s identity.
Be the first to know when important news happens. Sign up for breaking news alerts Turn on notifications in email or in the app.
