The sprawling nature of the Smorgon business was an omnipresence in the kids lives. He had already taken an equity stake in Zerocap, an institutional investor that specialises in crypto. Until 2015, Darren was a Director, member of the advisory board and partner at CHAMP Private Equity where he was responsible for portfolio companies including oOh!media, Study Group . It must be stated however, that at the time of her inheriting the company it was in serious financial troubles. The steel products distributor, Albion Steel Group, was purchased by Smorgon Steel in 2002. No family member could purchase the company assets for sale with the exception of Victor Smorgon who retained a small plastic recycling plant. [3] The Smorgons offered lower prices, distributed directly to customers and adapted their production schedules to suit their clients needs. Watching his grandfather work, he absorbed the ways businesses need to evolve and change with the times, and how technology can unlock new opportunities and growth. The property passed in at auction, but Mr Longmore, who is handling the sale, said negotiations with potential buyers were continuing. Jack Smorgon is busy re-creating a dynasty. The Besen family is mostly known for its philanthropic endeavors. According to the Federal Reserve, a drop in net worth to $1,066,000 makes this a little different of a group. Smorgon scion Peter Edwards and a string of fellow asset managers joined them. People had different proclivities for different things and went their own ways, he says. Marc Bessen founded the Susan Fashion chain along with John Gandel. The document states the inventory supporting his will showed he owned assets amounting to $851,000 with liabilities of $141,000 at the time of his death. [23] In the 1995 company breakup, the remaining plastic containers business was sold to industrial conglomerate, Southcorp. John Godwin's net worth is $ 1.5 million. In 1995, Victor decided that Smorgon Consolidated Industries, then worth $1.5 billion, had become too unwieldy for the family to manage. . Edwards, a softly spoken straight talker, took his place at the head of the table. According to Mr Meehan, the deeds on 16 trusts contain a clause restricting disclosure to a beneficiary or any other person of documents regarding trustee deliberations on the exercise of power, discretion or authority, adding to the objections from those he represents. According to Mr Meehan, two of the trusts are passive holding assets but not engaged in business activities and seven can be described as dormant and do not make distributions of income or capital to beneficiaries. After the passing of Rocco, brothers Nunzio and Frank pursued their father's dream of a new start in the country of opportunity. Peter Edwards, who is head of the Victor Smorgon Group and a director of the company that owns the property, was unavailable for comment. On Buzzlearn.com, Victor is listed as a successful Businessman who was born in the year of 1913. David Smorgon of the Smorgons family, who were number one on the list with $2.74 billion. Although the same information is presented to both groups, the types of conversations that stem from the meetings vary, and the family strictly adheres to long-term decisions that will maintain and increase the wealth. [30][32] Loti and Victor Smorgon are also supporters of the arts where they are benefactors of the Victorian Arts Centre, Melbourne Symphony Orchestra and have a Loti and Victor Smorgon Gallery at the National Gallery of Australia. Find out who are Australias richest people in the Financial Review Rich List 2022 out on Friday, May 27. The case is expected to return to court in February next year. You get further and further away from the first-generation entrepreneur. To combat this, management meetings are held in the evenings, so younger family members can join in and listen. [3] Victor asked for 750 pounds and a license to export meat to the United Kingdom which Chiefly granted. Queen Elizabeth II is the richest member of this family with a personal net worth of $428.3 billion. Help using this website - Accessibility statement, ANZ launched an Australian dollar-backed stablecoin. By August 1995, the meat, plastic containers, paper mills and recycling businesses were sold. Animal guts wasnt for everyone, so some kids splintered off into the fibreglass shop, or into the paper mill, the office, the canteen, or the laundry across the familys conglomerate, known as Smorgon Consolidated Industries. All Family Trees results for Smorgon. David Smorgon of the Smorgons family, who were number one on the list with$2.74 billion, 6. As a result, they ended their rabbit meat operations. The Baiada family, who were 25 on the list with $543 million, are best-known for iconic poultry brands like Steggles and Lilydale - but they have now launched the development business Celestino, continuing the trend for wealthy families transferring their focus onto property. I have been told that I was conceived by artificial insemination, her affidavit, obtained by news.com.au, states. [3], In 1982, David Smorgon purchased the Australian subsidiary of a Canadian packaging company, Glass Containers, which made glass and plastic packaging. The bottom 50% own just 1% of the wealth in the U.S. and have a median net worth less than $122,000. Leslie Alan Wilson still occupies the position of Executive Chairman of the company, while his son Peter Wilson is now the CEO. [16] On 3 February 1999, the company listed on the Australian Securities Exchange and 33% was sold to new investors. The average net worth for Americans between the ages of 45 and 54 is $833,790, and the median is $168,800. Find out more about our policy and your choices, including how to opt-out. EXCLUSIVE 'I hope he has a hard time in a men's prison': Estranged wife of trans double rapist Isla Bryson Front row fabulous! David Barro, together with his brother established Pronto concrete supply business. Their last abattoir, located in Melbourne, closed after workers went on strike 24 times in its 64-day operating period. The sole agenda item was cryptocurrency and how the Smorgons could get into this explosive new sector. The broader Smorgon family started a divestment of Smorgon Consolidated Industries in 1995 and completed this process in 2007 with the sale of Smorgon Steel to OneSteel for $2.5 billion. The NBN has delivered, and it has done so in what can only be described as the ultimate the hit-the-ground running immediate stress test, rites Terry McCrann. The Children of the Late Richard Pratt usually have their wealth listed separately. 'But even that strategy has accelerated with the housing boom.'. Peter Edwards with a portrait of his grandparents, Victor and Loti. He learnt to run the operations, expanding into meat exporting and eventually a wide range of manufacturing. The family, which has a diverse range of investments across property, agriculture, fashion and cosmetics, topped the 2015 BRW Rich Families list as their wealth held firm from last years $2.7 billion. The average Canadian household net worth is surprisingly huge at roughly $680,000 in 2021, up from $400,151 in 2012 according to Statistics Canada. The BBC will suspend the 159-a-year licence fee for two days so people can watch EPHRAIM HARDCASTLE: Could Nicola Sturgeon return the Stone of Scone for King Charles's coronation as one of Just 11 MINUTES of brisk walking each day is enough to slash your chances of dying early, study reveals. Aussies $1m shock one year after disaster, Dads desperate search after $1m Lotto win, Australian economy rebounds with retail spending boost, repeatedly topped the BRW Rich Families list. It is thought that the Smorgon family fortune is in the realm of $2 or even $3 billion. . 1-20 of 25,977 MFI invests directly and in partnership with high quality, like-minded investors. Think about it this way, Ive got three kids, Edwards says. The Ring family burst onto the scene this year on the back of the majority sale of the Swisse Wellness vitamins company in September. Nuton has agreed to invest US$30 million to acquire shares of McEwen Copper in a two-part transaction expected to close no later than March 10 th, 2023 (the "Nuton Transaction") consisting of: 1. The good news is that this is likely to be the time in your career when you earn the most money you will ever make. The ANZ bank has minted an AUD-pegged stablecoin and has already conducted a 30 million AUD pilot transaction with a billionaire institutional client. It also wields a lot of political influence. RELATED: Surprise Christmas tax cut in Budget, RELATED: Australian economy rebounds with retail spending boost. The Smorgons would go on to make a name for themselves as a powerful business family. [27], In December 1994, Victor Smorgon stepped down as chairman of Smorgon Consolidated Industries[16][22] along with Sam and Eric Smorgon and Charlie Holckner. The couple opened a mixed goods store the following year (1909). The 700-year-old Coronation chair that has been used for the crowning of King Charles has 'jeopardised' the monarchy by meeting European Commission president Ursula von der Leyen, Do we get our 87p back? I pray Rishi Sunak succeeds so as HENRY DEEDES: Wowee was he pumped! He would hitch a daily ride with the patriarch, who built a billion-dollar family conglomerate that at various times has straddled abattoirs, steel, paper and glass milling, horticulture and mining. Smorgon Steel sold for $2.5billion to OneSteel in 2005 allowing brothers Victor and Eric to start the Victor Smorgon group and Escor Group respectively. [3][22], In 1998, the company bought out Australian National Industries[3] for its steel operations and in 2000 they purchased NSWs leading scrap metal recycler, Metalcorp. Other members of this rich family include Loti Smorgon, Moses Smorgon, Sam Smorgon, Graham Smorgon, and David Smorgon. The Kuwaiti royal family was estimated to be worth US$90 billion in 1991 - but as their stocks and shares have soared in value, the family is worth some US$360 billion today. The transaction took less than 10 minutes. kenny rogers net worth at time of death; shooting in landover, md today; October 17, 2013. This includes tax returns, profit and loss statements, balance sheets, bank statements, meeting minutes about the trust funds and documents relating to their administration and management. They were the disruptors of their era, and Victor was always focused on preserving the familys wealth across the generations. The Millner family, who have amassed most of their wealth from investments, caught the twelfth spot with $1,010 billion. [1][3] During this time, Tzippa, Normans wife, suffered ongoing health conditions of bleeding ulcers and paralysis. The accounts contain balance sheets, bank statements, tax information and management details about Mr Smorgon's business interests. [3], In 1918 the Smorgons moved to Bolshov Tokmak[3] to escape the violence of the Russian Revolution of 1917. Just sitting there, waiting to go home for three hours while the meetings were going on, I just picked up vocabulary, and I got an idea of what was going on. By Emily Power. . [20] Rabbit became the Smorgons most profitable operation where Australians consumed 27 million rabbits annually during the 1940s[21] and were exporting over 50 million rabbits by the end of the 1940s. . Succession planning was core to the new business; indeed, one of the directors is always specifically focused on succession planning. In 1995 Australia's then-largest private company, Smorgon Consolidated Industries (SCI) a $1.5 billion juggernaut that spanned meat, paper, chemicals, plastics, electronics and steel and had involved four generations of Smorgon family members was broken up. Some of the prominent members of the Myer Family include; Ken Myer, Baillieu Myer, Lady Marigold Southey, Neilma Gantner, Carrillo Gantner, Sid Myer, Rupert Myer. The Melbourne family's empire was established in the 1930s and has included meat, paper, chemicals, plastics, electronics and steel, the latter involving a $2.5 billion takeover of Smorgon Steel . [3] In 1948, Sam Smorgon and Jack Morris began to use the Smorgon canning facilities to sell canned fruit. [1] He married Tzippa Mejov at Blumental in 1908. The company now has 58 locations, and employs about 14,000 people. The Australian economy benefited from the country's post-pandemic reopening but in the past year inflation rocketed to 7.8%, the highest in three decades. Jessica Sier writes on technology, internet culture, cryptocurrencies and software from our Sydney newsroom. Rishi Sunak warns MPs they can't trust 'Mr 2nd Referendum' Keir Starmer on Brexit in meeting with backbench DAILY MAIL COMMENT: Rishi Sunak's vaunted Brexit deal could be a landmark achievement, Rishi's deal gives Brexit a second chance. When Sidney Myer died in 1934, his nephew Sir Norman Myer continued his work, and expanded the retail empire. The Wilson family, who hold the majority share in listed building and hardware group Reece Australia, ranked second with wealth of $2.6 billion. They are the richest families in Australia, but you could be forgiven for saying you have never heard of them. The Fugger family of mercantile bankers and venture capitalists, the richest family in the 16th century. The shop was successful and prompted the brothers to open more butcher shops over the years. "When you talk about wealthy families, you've got a talk about communication," he says. Left to right: Rodney, Gita, Barry, David. [3] In 1988, the Smorgons then purchased Humes Ltd outright[16] for $2.90 a share, paying approximately $375 million. At the time of the breakup, Smorgon Consolidated Industries employed over 400 people,[3] operated companies in steel, meat, plastic containers, paper mills and recycling[22] and was worth $1.5 billion. Thanks to soaring commodity prices, Ms Rinehart topped the . An early picture of Minnie's husband Sam Smorgon of the Smorgon dynasty reported to be collectively worth more than $2.7bn. He also did several big engineering contracts for the government. In essence, we have our business board and our family board.. Other members of this rich family include Loti Smorgon, Moses Smorgon, Sam Smorgon, Graham Smorgon, and David Smorgon. Melbourne property and technology investors the Liberman family came third with a $2.5 billion fortune. The Roberts Family is one of the aristocratic Australian families with money and influence. As founder of independent family offices I am responsible, in collaboration with the family proncipals, for strategic planning, structure and . Among the children was David Barro; a person of exceptional curiosity and imagination. This family has quite some interesting history. Samantha Jane Smorgon is suing the rest of the family for access to financial records from 18 trust accounts in a legal fight over her late father Robert's will. The combined wealth of the 50 BRW Rich Families list was $41.18 billion in 2015, up from $40.1 billion in 2015. . Of course; even as an heir one must work hard to maintain the wealth that has been handed down to him; otherwise he would soon fritter away the money and be reduced to poverty. The dispute over the estate of the late Robert Smorgon has laid bare sensitive and complex details about a family dynasty worth billions. [3][17] Carlton was the centre of a Yiddish community[18] that was growing with influxes of Jewish immigrants from Eastern Europe. Her children were largely left out of the scheme of things, until they emerged victorious after a long legal battle. The Victor Smorgon Group includes General Pants Co, Vicfam Plastics and Smorgon Fuels, while Escor Group focuses on property, investments and cosmetics. Three debutants join the list this year, led by Melbournes Ring family in 31st position with wealth of $440 million. The Smorgon family is one of Australia's great wealth building stories. We were sorting through anything that wasnt blood, bone, fat or meat.. But are Edwards kids hanging out in the modern-day equivalent of the offal room? Not included in the scope of this page are, Approximately euro to dollar conversion rate as of September 2018. ", "Ng brothers are Singapore's richest for 6 years running: Forbes", "Texas billionaire Harold Simmons' heirs save some money on taxes", "Medtech's Billionaires: #1 The Stryker Family and John Brown - MDDI Medical Device and Diagnostic Industry News Products and Suppliers", "Who are Israel's top five wealthiest people? The average net worth of all American families was $746,820, according to the Federal Reserve's 2019 Survey of Consumer Finances, while the median figure was $121,760. The Smorgons are one of the great dynasties in Australia. Theyve still got it. They are life trustees at the Mount Scopus Memorial College and donate $30 000 annually to the Premiers Award for Health and Medical Research. As of 2019, the average net worth of Americans under 35 was $76,300, $436,200 for ages 35 - 44, $833,200 for 45 - 54, $1,175,900 for 55 - 64, $1,133,700 for 65 - 74 and $977,600 for 75 and up. For the remaining trusts in respect of which the plaintiff (Samantha Smorgon) seeks orders, the relevant documents sought by the plaintiff contain confidential and commercially sensitive information, he states. In November this year, Escor Group finance and investment director Michael Meehan filed an affidavit in the case on behalf of all of the defendants, noting he is responsible for maintaining their financial accounts. I probably learnt more waiting for my grandfather to drive me home than I did working in the factory.. Smorgon Consolidated Industries also sold the . The Melbourne-based Smorgon family tops . For most of its existence until the mid 19th century, Smorgon' was the . Some members of House Buckeridge are Sam Buckeridge, Andrew Buckeridge, Rachel Buckeridge, Tootsie Ambrose, Jo Buckeridge, Margaret Halcombe, Judy Lyon, Julian Buckeridge, Stanley Buckeridge, Joshua Buckeridge, and Lise Buckeridge. Ms Smorgon, 44, was conceived by artificial insemination and believes that is why she was denied access to the benefits of the trusts after Robert's death in 2019. [3] Norman recognised the high demand for kosher meat and went into business with his brothers, Abram and Moses. : Meet the Quebec billionaire family thriving on North America's love affair with pizza and mozzarella", "Mediobanca - Archivio Storico Vincenzo Maranghi", "C.& C. Milano s.r.l - tessuti per l'arredamento e biancheria per la casa", "How Floyd Mayweather Became Boxing's First $1 Billion Fighter", "Wealthiest People in Canada by Province/Territory", "Hougen Family Book - Hougen Group of Companies", Here's how India's wealthiest families are seeking to stay wealthy, World's Richest Families Seeking to Make More Deals on Their Own, The T&C 50: The Richest Families You've Never Heard Of, Europe's richest royal gets richer as family bank lures wealthy, World's Wealthiest Became $1 Trillion Richer in 2017, 87 richest families in Canada have 4,000 times more wealth than average family, report says, Largest corporations by market capitalization, Largest financial services companies by revenue, Largest manufacturing companies by revenue, The rich get richer and the poor get poorer, Socialism for the rich and capitalism for the poor, List of presidents of the United States by net worth, https://en.wikipedia.org/w/index.php?title=List_of_wealthiest_families&oldid=1141651587, Articles with unsourced statements from May 2018, Articles with unsourced statements from December 2022, Articles with unsourced statements from April 2018, Creative Commons Attribution-ShareAlike License 3.0, Three families, the collective enterprise of which has roots in the 14th century, Karl Ludwig Reimann, Renate Reimann-Haas, Wolfgang Reimann. The Buckeridge Family is not a very united one, but it is one of Australias foremost families in terms of wealth. , updated By the time he finished high school, Edwards was fairly handy with equipment. Nationwide News Pty Ltd 2023. Top place getter on the Rich Families list, the Smorgon family, is a case in point. Gina Rinehart is once again the richest person in Australia, boasting a personal net worth of more than $31 billion. [3][25], However, BHP had fluctuating profits as it was yet to adopt the new and efficient steel technology of electric-arc furnaces, also known as the mini-mill. Jackson Barron For Daily Mail Australia The family have several large-scale property investments, including those owned by Norman Smorgon who is a director of Intrapac, who are building a $3 billion residential project outside Darwin. Now it is headquartered in London, and has operations in Australia, India, Canada, Europe and the Middle East. Three box plants were purchased by Amcor and Richard Pratt, another market competitor, purchased two. All times AEDT (GMT +11). 4. [16] To compete with AMP, the Smorgons decided to start producing boxes as part of a vertical integration of their paper business. The 51-year-old chief executive of Victor Smorgon Group a family office was ready to start making serious crypto investments. View by year: 1950s. 'The business activities of the active trusts include, but are not limited to, investments in equity managed funds, private equity, private equity funds, property and property development and property managed funds,' he wrote in an affidavit filed in the Supreme Court. They worked under the watchful eye of a supervisor named Jimmy Martin. He spent 11 years as co-founder and CEO of Australia's fastest growing technology consultancy Transpire. Anthony Pratt is worth at least USD10 Billion, his sister Heloise Pratt is worth at least USD2 Billion the other sister Fiona Geminder is worth at least USD3 Billion. Smorgon said he has also had a newly elected politician come to him looking for help with his maiden speech in parliament. Nationwide News Pty Ltd 2023. The company was renamed Smorgon Steel. The combined wealth of the top 50 families has hit $41.18 billion this year, up from up from $40.1 billion a year ago and $35 billion the year before. Edwards, then 25 years old, and Victor, aged 82, became the managing director and executive chairman respectively; a pairing that Edwards says worked because of their dual fixation on the familys longevity. My family office expertise has been built over sixteen years, managing the financial concerns and wealth of ultra-high net worth families as the CEO/CIO/CFO. Melbourne's premier trophy home listing this spring is a 1920s mansion in Toorak owned by Norman and Tania Smorgon. As of February 2014, the company managed more than $22.7 billion with the majority of the allocation in international equities; 2014 half-year net profits recorded a rise of 138 per cent. But to get Australian dollars into the crypto ecosystem, he would have to buy US dollars, then buy a US stablecoin (a cryptocurrency pegged one-to-one with the greenback), and then transfer it into whatever crypto investment he was keen on. We all started in the offal room, Edwards says. Start with what you own: cash, retirement accounts, investment accounts, cars, real estate and anything else that you could sell for cash. We didnt have to join if that didnt fit our personalities., While getting his hands dirty, he concedes people treated him differently because he was a Smorgon. Ms Smorgon claims to have never received information about the assets held in any of the trusts and, to her knowledge, has never received any income or capital distribution from them. Private placement of 350,000 McEwen Copper common shares, and 2. These on-ramps, off-ramps were a headache, expensive and getting in the Smorgons way of making money. The Wilsons wealth came from Les Wilsons investments in HJ Reece; at that time a small plumbing supplies business in Australia. Crypto was emerging as a real technical disruptor, and fiddling with exchanges, crypto wallets and offshore banks was not in the Smorgon style. Let's check, How Rich is Victor Smorgon in 2019? 1960s . By In January 1984, they diversified their product by purchasing a used rolling mill and rolling steel billets into reinforced bar. Founded in 1925, Myer Family Investments (MFI) is a private investment company. [1] Their brothers, Abram and Moisey, worked in the meat trade supplying cattle for the Red Army. Smorgon, Liberman . If you make $100,000 a year, your target is $400,000. [3], The Smorgon family used capital from Smorgon Consolidated Industries to invest in property in the United States. Newly-engaged Adele's diamond ring from fianc Rich Paul 'worth over half a million pounds' They Myer Family is an Australian family with Jewish Ancestry which was established by Sidney Myer, a young Jewish migrant from Krichev, in Russia. Brisbane developer Paul Gedoun will retain the penthouse, worth $10m, in his yet-to-be-built Flow building in Rainbow Bay, Coolangatta. From the time he left school till 1995 he was part of the Smorgon family's giant industrial enterprise. [3][16], By 1956, the Smorgons had expanded into a new meat works in Dinmore, Queensland and had a large stake of the Australian export market. They originally had plans to export steel to South-East Asia but, when the foreign steel market collapsed, the family decided to compete with BHPs domestic market instead. The facility housed a slaughterhouse, cannery, freezers, boilers and boning rooms which allowed the Smorgons to streamline their business operations. Most of its $2.64 billion fortune has been split across many family members. Those car rides were the best part of the day, he says. [16] The Smorgons started steel production in the first quarter of 1983. Thebank that won't pass on rate rises unless you ring and ask:Just one of the ruses greedy lenders use to Tory Eurosceptics could take TWO WEEKS to decide whether to back Rishi Sunak's Brexit deal for Northern BBC journalists vote 'overwhelmingly' to stage series of strikes in move that could sabotage corporation's More snow and ice could batter Britain next week: Met Office warns Arctic blast from Greenland could send Is YOUR lifestyle good for your heart? If anyones asking whether one of Australias richest dynasties has still got it: theyve still got it. [3], From 1988 to 1989 AMP (known as Amcor from 1986) drastically lowered box prices and raised charges for feedstock paper to capture more of the market. According to the Encyclopedia Judaica, Smorgon' is in the Grodno oblast or district of Belarus, 107 km WNW of Belarus' capital, Minsk. It was established in Poland in the early 17th century but passed from Poland to Russia in 1793 as part of the Russian Pale of Settlement. Edwards remembers Victor as a hard, first-generation entrepreneur, who softened over the years as his fastidious succession plans rolled out, and the family wealth remained intact. On the day it was brought online in March, Edwards transferred $30 million to ANZ and received a coffer full of fresh new A$DCs. . We help individuals, family offices, foundations and superannuation funds invest in line with their values, and support them to move further towards impact. Artificial insemination is a fertility procedure involving sperm being inserted into the uterus. She claims her father who controlled substantial wealth and whose family controlled substantial wealth excluded her from benefiting from his estate, unless his widow Vicki Smorgon died before him. Clemens Brenninkmeijer, August Brenninkmeyer, Real estate, financial services, commodity trading, Karl Von Schwangau III, Ludwig Von Schwangau Jr, Karl Von Schwangau IV, Rossana Camargo de Arruda Botelho, Renata de Camargo Nascimento, Regina de Camargo Pires Oliveira Dias, Wilhelm Carl Heraeus, Jrgen Heraeus, Jan Rinnert, Carl Johann Freudenberg, Reinhart Freudenberg, Wolfram Freudenberg, Martin Wentzler, Alfredo Egydio de Arruda, Villela Filho, Ana Lucia de Mattos, Barretto Villela. Even though the Rinehart Family is often listed individually, their wealth all comes from Hancock Prospecting; the mining company which was founded by Lang Hancock; Gina Rineharts father. He lost his dear wife Eva Besen in 2021. The rise was largely driven by higher . The Smorgons sold their steel operations for a 46% stake in Humes Ltd,[16] valued at $346 million at the time. By Stephen Nicholls. Ms Smorgon said she only found out she wasn't her father's biological daughter until her teenage years and was told her brother Stephen was conceived the same way. [1] Adam and Moses were left with two butcheries in Richmond. Over the course of their long lives - Victor died in 2009 at age 96, and Loti passed away four years later at age 94 - they gifted $40 million in donations and works of art to the National Gallery of Victoria (NGV), including a 1981 portrait of Loti by American pop artist Andy . [citation needed], In 1939, Victor Smorgon met with Ben Chifley, then treasurer of Australia, to discuss the building of an abattoir at the Smorgons new Brooklyn facility. The trusts are held by her brother Stephen and other relatives and include delicate information about the size and scope of the families' assets. Thats the hardest part, he says. 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