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Richard Cousins, chief executive of catering giant Compass, died along with his two sons William, 25, and Edward, 23, his fiancee Emma Bowden, 48, and her daughter Heather, 11.
The 58-year-old and the family were being flown by pilot Gareth Morgan, 44, when the Sydney Seaplanes aircraft went down over the Hawkesbury River near Sydney.
Mr Morgan, an experienced airman from Canada, also was killed in the horrific crash just hours before Australia rang in 2018.
Police and emergency services rushed to the scene of the crash, but the plane carrying the six victims sunk beneath 43ft of water in the creek.
The family were on holiday and were reportedly returning from a “wine and dine” dinner trip excursion when the DHC-2 Beaver went down.
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“Richard was known and respected for his great humanity”
Paul Walsh
Mr Cousins, who had spent ten years as a chief executive, was due to retire from the role at the end of the year.
Family members of the victims are now travelling Sydney from Britain.
Detectives have said they are investigating, but added they are currently “not even close” to finding the cause of the crash.
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Paul Walsh, the chairman of Compass, said: "The thoughts of everyone at Compass are with Richard's family and friends, and we extend our deepest sympathies to them.
"Richard was known and respected for his great humanity and a no-nonsense style that transformed Compass into one of Britain’s leading companies.”
His son Will worked for Open Britain, a pro-EU group set-up in response to Brexit.
Roland Rudd, chairman of Open Britain, said in a statement: "Will was an extraordinary young man who was passionate about what he did; who took deep pride in his work; and came into the office every day with enthusiasm, energy and determination.”
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Witnesses described the plane doing a sudden right-hand turn before it nosedived into the water at about 3.10pm.
It was two miles into its 20 mile return flight to Sydney, and the doomed seaplane's final moments were captured on video by jet skiers.
Sydney Seaplanes is a popular excursion company used by celebs – including Ed Sheeran, Jeremy Clarkson and Kate Middleton’s sister Pippa.
James McGrory, the Open Britain's executive director, said: "We have not just lost a special colleague but a wonderful friend.
"Will’s razor-sharp wit, easy company and generosity will be missed even more than his huge brain, peerless prose and fearless ideas.”
Meanwhile, Malcolm Turnbull, Australia’s prime minister, said: "We grieve for those who lost their lives and our thoughts and prayers are with their families as they come to terms with this terrible loss."