New Zealand investor Sir Ron Brierley has reportedly been arrested in Sydney for alleged possession of child pornography.
New South Wales police have confirmed that an 82-year-old man was arrested by border officials at Sydney Airport on Tuesday morning.
The individual is not named by police, but Australian media report it is Sir Ron.
"In August, detectives from Eastern Suburbs Police Area Command commenced an investigation into the possession of child abuse material in the local area," NSW police said.
"The man's carry-on luggage was searched before the contents of his laptop and electronic storage devices were reviewed, which are alleged to have contained large amounts of child abuse material."
He has now been charged with six counts of possessing child abuse material.
The multi-millionaire is well-known as a corporate raider and for founding R.A. Brierley Investments in March 1961. He began it with zero capital, but it would go on to become one of New Zealand's largest companies. At one point, it had 160,000 stakeholders, with stakes in companies like Air New Zealand.
He would also go onto lead Mercantile Investments, which became notorious for its takeovers in Australia. He stepped down from that role in June this year, citing age and health issues.
Sir Ron was knighted in 1988 for services to business management and the community.
The businessman has been given strict bail and will appear in a Sydney court on February 10.