Alan Bond's family is furious with Channel Nine's House of Bond, labelling the miniseries "shameful" and "inaccurate".
Bond's family fired off a strongly-worded statement on Monday night, just minutes after Nine's television drama made its debut.
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Trailer: House of Bond
The Channel Nine biopic about Alan Bond, the man behind one of the biggest corporate fraud cases in Australian history.
The miniseries explores a fictionalised account of Alan Bond's life, including his business success in the 1970s and 80s and dramatic fall from grace. Bond was once Australia's richest man, but was declared bankrupt in 1992 and later spent time in prison after being found guilty of the largest fraud in Australian corporate history.
The drama stars Ben Mingay as Bond, while actress Adrienne Pickering plays his first wife Eileen. Rachael Taylor plays Bond's long-term mistress and second wife Diana Bliss.
In the statement, Bond's family accuse Channel Nine of transforming him into a "sensationalised villain".
"The writers and producers made no attempt to contact the Bond family to ensure the portrayal of Alan Bond was accurate and appropriate," the family said.
"Despite his shortcomings, the late Alan Bond was a significant contributor to the industry of Australia ... the Bond family disassociates themselves entirely from the content of the House of Bond and express their profound disappointment and distress at its inaccurate and sensationalised demonising of Alan Bond."
The family is upset the Channel Nine drama aired so close to Bond's birthday. The disgraced businessman, who died in 2015 after complications from heart surgery, would have turned 79 this month.
Eileen Bond also hinted that she consulted with lawyers prior to the program going to air, saying it was unfortunate it's impossible to defame a deceased person under Australian law.
Diana Bliss's brother, meanwhile, told Fairfax media his family are happy with Rachael Taylor's portrayal of his sister.
It's not the first time the network has drawn the ire of notable Australians. Earlier this year, Nine promised to never again broadcast or stream the television drama House of Hancock after mining magnate Gina Rinehart called in the lawyers.
A Nine spokeswoman defended the drama, arguing the miniseries shows Bond's "flaws" as well as his courage and passion.
"We believe the portrayal of Bondy in our mini series shows the quintessential Aussie larrikin we all knew for his passion, courage to take on the establishment as well as his flaws," she said. "Tonight you can see more of that as the show reaches its climax and conclusion."
The second episode of House of Bond will air on Channel Nine at 9pm on Tuesday.