'Absolute shocker': Private equity boss pleads guilty to drunk driving

Corporate titan Joel Thickins has pled guilty to two charges, one of negligent driving and one of refusing an alcohol-related breath test. In early June, the co-head of TPG Asia crashed his BMW into five cars in Sydney's east. What's next? Mr Thickins' drivers licence has been suspended for nine months, and has been fined more than $1,400. Corporate titan Joel Thickins has pled guilty to two charges involving drunk driving. In a Sydney courtroom today, Mr Thickins pleaded guilty to negligent driving while under the influence of alcohol and refusing an alcohol-detecting breath test. Earlier this month, the private equity baron of TPG Capital crashed his BMW into five cars in Sydney's east, before refusing two alcohol-detecting breath tests — one at the scene, and the other at Paddington Police Station. The 48-year-old is the co-head of TPG Asia, which manages more than $US23 billion ($32 billion) in assets. The judge referred to Mr Thickins' behaviour as "an absolute shocker" and said the situation could not have been "much worse". "The defendant on a busy street … swerves out of his lane, collides … causes damage to that vehicle, then collides with another vehicle … then a loss of control, slams into the rear of another vehicle," he said. "Lesson learned. It's a shocker." Mr Thickins' barrister, Justin Wong, said his client "understands the seriousness of the matter" and that he was "ashamed and embarrassed by what occurred". "He certainly knows he shouldn't have got in the car that evening," Mr Wong told the court. Mr Wong asked the judge to consider fines and moderations for his client, given he had no prior record, had completed the traffic offenders program, and would make payments to those affected by his reckless driving. The crime of high-range drunk driving carries a jail offence of up to 18 months. While it is unclear how much alcohol was consumed, the judge said the fact Mr Thickins refused a breath analysis led him to assume high-range drunk driving had occurred. Mr Thickins was served two fines of $880 and $550, and disqualified from driving for nine months. TPG Capital has launched an investigation into the crash as Mr Thickins takes leave from the company. The private equity firm has been contacted for comment. [Image text:] TOWER 86-90 GOULBURN STREET