❓ Dr. Gallop requests details on government asset sales since 1997. The Premier responds, detailing sales by the Gold Corporation, including the Kalgoorlie Refinery and a refining business sale, outlining proceeds, stamp duty, and associated costs.
AnsweredQoN 491Legislative Assembly
QuestionView source ↗
491. Dr GALLOP to the Premier; Treasurer; Minister for Public Sector Management; Federal Affairs:
Will the Premier provide the following details for all Government owned assets sold since January 1997 which had a sale value of $500,000 or more -
(a) name and nature of the asset;
(b) date sold;
(c) nature of sale and name of buyer;
(d) proceeds received from the asset;
(e) associated revenue from the sale, such as stamp duty;
(f) the application of the funds received; and
(g) any associated costs incurred in the sale process?
Will the Premier provide the following details for all Government owned assets sold since January 1997 which had a sale value of $500,000 or more -
(a) name and nature of the asset;
(b) date sold;
(c) nature of sale and name of buyer;
(d) proceeds received from the asset;
(e) associated revenue from the sale, such as stamp duty;
(f) the application of the funds received; and
(g) any associated costs incurred in the sale process?
AnswerView source ↗
Answered
22 November 2000
Response time
104 days
The Minister Replied:
I am advised that :
Ministry of the Premier and Cabinet
(a) - (g) The Ministry of the Premier and Cabinet has no record of the sale of an asset since January 1997 for a value of $500,000 or more.
Gold Corporation
(a) (i) Boulder Lot 4478 - Kalgoorlie Refinery.
Refining and manufactured products business.
(ii) Refining and manufactured products business.
(b) (i) 11 June 1998.
(ii) 30 November 1998.
(c) (i) CIP Research and Development Pty Ltd.
(ii) Gold Corporation (through its subsidiary, the Western Australian Mint) sold 50% of its refining and manufactured products businesses to Golden West (Australasia) Pty Ltd. In conjunction with this sale, Gold Corporation purchased 50% of the assets of Golden West (Australasia) Pty Ltd. Subsequently both entities contributed their assets into a partnership known as the AGR Joint Venture, of which both parties own 50%.
(d) (i) Total sale price $950,000.
(ii) Gold Corporation received $11.5 million from the sale of its assets to Golden West, and paid $4.5 million for its purchase of Golden West's assets. This resulted in a net payment to Gold Corporation of $7 million.
(e) (i) Nil
(ii) $600,000 stamp duty is payable by Golden West (Australasia) Pty Ltd to the Western Australian Government.
(f) (i) Proceeds of the sale are retained by Gold Corporation.
(ii) Proceeds of the sale are retained by Gold Corporation.
(g) (i) Legal fees approximately $3,000.
(ii) Legal and auditing fees, and due diligence expenditure totalled approximately $50,000.
I am advised that :
Ministry of the Premier and Cabinet
(a) - (g) The Ministry of the Premier and Cabinet has no record of the sale of an asset since January 1997 for a value of $500,000 or more.
Gold Corporation
(a) (i) Boulder Lot 4478 - Kalgoorlie Refinery.
Refining and manufactured products business.
(ii) Refining and manufactured products business.
(b) (i) 11 June 1998.
(ii) 30 November 1998.
(c) (i) CIP Research and Development Pty Ltd.
(ii) Gold Corporation (through its subsidiary, the Western Australian Mint) sold 50% of its refining and manufactured products businesses to Golden West (Australasia) Pty Ltd. In conjunction with this sale, Gold Corporation purchased 50% of the assets of Golden West (Australasia) Pty Ltd. Subsequently both entities contributed their assets into a partnership known as the AGR Joint Venture, of which both parties own 50%.
(d) (i) Total sale price $950,000.
(ii) Gold Corporation received $11.5 million from the sale of its assets to Golden West, and paid $4.5 million for its purchase of Golden West's assets. This resulted in a net payment to Gold Corporation of $7 million.
(e) (i) Nil
(ii) $600,000 stamp duty is payable by Golden West (Australasia) Pty Ltd to the Western Australian Government.
(f) (i) Proceeds of the sale are retained by Gold Corporation.
(ii) Proceeds of the sale are retained by Gold Corporation.
(g) (i) Legal fees approximately $3,000.
(ii) Legal and auditing fees, and due diligence expenditure totalled approximately $50,000.
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