A major shakeup has taken place at scandal-plagued consumer electronics distributor The Crest Company, with CEO Mike Edgson  no longer running the business, his exit came after after the distributor  lost a major supply contract with JB Hi-Fi.

The Brisbane-based Company is now being run by Chief Financial Officer Larisha Engelbrecht.

According to internal sources, the exit followed the loss of the contract to supply JB Hi-Fi with the retailer’s XCD range of products, with the deal awarded instead to Sydney-based distributor Tempo.

Crest Company management has not commented on Edgson’s departure who is seen above with Dirk Olbertz and his brother Ralph who are owners of the business via a family trust.

A Troubled Tenure

During his time at the distributor, Edgson was forced to manage the fallout from a major scandal involving one of the owners of the business, Dirk Olbertz.

Under his watch, Olbertz, one of the founders of the Brisbane-based distributor, was charged by Queensland Police with three offences relating to the rape of a female under 16 and the indecent treatment of girls under 16, ChannelNews identified that the girl was 12.

Dirk Olbertz seen above.

Olbertz denied the allegations, telling ChannelNews he was “not guilty” and that the charges would “shortly go away”.

At one stage Edgson sought a gag order against ChannelNews in an effort to stop reporting of the charges.

A Brisbane Magistrates Court dismissed the application after ChannelNews appealed, allowing publication.

Distressed over the charges, Edgson and the Crest Company management team flew retail executives to Brisbane to explain the impact on the business, which is owned by a trust controlled by Dirk Olbertz and his brother Ralph.

The Company also attempted to distance itself from Olbertz, claiming he was no longer involved, despite ASIC documents showing he was a major shareholder of entities owning the distributor, and emails listing him as a director.

Charges Discontinued

In late 2024, Chief Judge of the District Court Brian Devereaux SC declared the three rape charges nolle prosequi. The prosecution was discontinued and Olbertz never faced a public trial. He maintained his innocence throughout.

ChannelNews subsequently revealed that Olbertz had before the charges were laid paid Queensland singer Kate Gibson $125K in 2020 to settle a Federal Court sex discrimination claim before evidence was presented.

Her statement of claim alleged rape by Olbertz at his Noosa North Shore Resort residence, allegations that were never tested in court and which Olbertz strenuously denied.

Edgson, a biking enthusiast, was often seen riding with Dirk Olbertz.