❓ Dr. Thomas questions the Cook government regarding the $260 million bailout of Griffin Coal, specifically inquiring about payments to receivers, liquidators, and managers and how the government ensures these payments aren't included in operating losses covered by the grant. The Minister's response lacks specific financial details, citing commercial sensitivity.
AnsweredQoN 1552Legislative Council
Asked
26 November 2024
Member
Portfolio
Minister Assisting the Minister for State and Industry Development, Jobs and Trade
QuestionView source ↗
GRIFFIN COAL —
GRANTS
1552. Hon Dr STEVE THOMAS to the Minister Assisting the Minister for State
and Industry Development, Jobs and Trade:
I
refer to the Cook government's extraordinary $260 million
taxpayer-funded bailout of the insolvent and foreign- owned Griffin Coal
company.
(1) As at 25 November
2024, since the appointment of receivers, liquidators and managers to the
insolvent Griffin Coal, how much have they been paid for their work undertaken
as managers and receivers?
(2) How much
fiscal drawdown of the $260 million grant has been either directed to or
received by the receivers, liquidators and managers of the insolvent Griffin
Coal?
(3) Given that
the government has confirmed that the payments from the $260 million funding
cover the operating losses of Griffin Coal, how has the government ensured that
those losses do not include the payments to the receivers, liquidators and
managers?
GRANTS
1552. Hon Dr STEVE THOMAS to the Minister Assisting the Minister for State
and Industry Development, Jobs and Trade:
I
refer to the Cook government's extraordinary $260 million
taxpayer-funded bailout of the insolvent and foreign- owned Griffin Coal
company.
(1) As at 25 November
2024, since the appointment of receivers, liquidators and managers to the
insolvent Griffin Coal, how much have they been paid for their work undertaken
as managers and receivers?
(2) How much
fiscal drawdown of the $260 million grant has been either directed to or
received by the receivers, liquidators and managers of the insolvent Griffin
Coal?
(3) Given that
the government has confirmed that the payments from the $260 million funding
cover the operating losses of Griffin Coal, how has the government ensured that
those losses do not include the payments to the receivers, liquidators and
managers?
AnswerView source ↗
I thank the honourable member for
some notice of the question.
(1)–(2) The
professional fees for the receivers and managers for Griffin Coal are approved
by their appointor and are commercially sensitive. Although the Department of
the Premier and Cabinet reviews monthly operating costs under the process
agreement, it does not have information outlining the total of all fees paid to
the receivers and manages or liquidators since their appointments.
(3) As per the answer provided on 13 November 2024,
funding is provided for the essential operation of the mine, including the
labour, fuel, maintenance and receivership costs. The funding is not allocated
to specific purposes but is provided to cover any overall shortfall between
the mine's revenue and the cost of production.
some notice of the question.
(1)–(2) The
professional fees for the receivers and managers for Griffin Coal are approved
by their appointor and are commercially sensitive. Although the Department of
the Premier and Cabinet reviews monthly operating costs under the process
agreement, it does not have information outlining the total of all fees paid to
the receivers and manages or liquidators since their appointments.
(3) As per the answer provided on 13 November 2024,
funding is provided for the essential operation of the mine, including the
labour, fuel, maintenance and receivership costs. The funding is not allocated
to specific purposes but is provided to cover any overall shortfall between
the mine's revenue and the cost of production.
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