❓ A WA parliamentary question probes the government's $220 million funding assistance to Griffin Coal, questioning its necessity, allocation, and potential conflicts of interest. The government's response clarifies funding details, usage restrictions, and advisory sources, while citing commercial sensitivity for withholding certain reports.
AnsweredQoN 1119Legislative Assembly
QuestionView source ↗
I refer to the government's announcement of $220 million funding assistance to Griffin Coal, and I ask: (a) Is the $220 million in addition to the previous $39 million funding support; (b) Why isn't the full $220 million allocated in the budget; (c) Did the government verify that Griffin Coal had sought to obtain higher prices from its customers, as would be the usual business practice, before deciding to provide public funds to the company; (d) Has the government ensured that none of the public funding will be used towards repayment of the parent company's debt, and if not, why not; (e) Will the Minister provide details as to whom he spoke with about this proposal aside from the company itself; (f) Did KPMG or any other consultant recommend the government's support; (g) Will the Minister table, even in redacted form, KPMG's report to government, and if not, why not; (h) Will the Minister table, even in redacted form, any briefing he received from government agencies on the funding proposal, and if not, why not; and (i) When was the Minister, before entering Parliament, involved with Griffin Coal and what was the nature of his involvement with the company?
AnswerView source ↗
Answered
6 August 2024
Responded by
Minister for State and Industry Development, Jobs and Trade
Response time
2 days
(a – b) As of 23 July 2024, $103.7 million has been provided to the receivers and managers of Griffin Coal to secure WA’s energy security and protect Collie jobs. The State Government will continually assess the funding needed to support Griffin Coal to June 2026.
This funding is held in a Treasury-Administered Global Provision and is therefore not reflected in the Department of the Premier and Cabinet’s budget. The Department draws down funds from the Global Provision as required.
(c) The receivers and managers have sought higher prices from coal customers.
(d) Payments made under the financial assistance agreements with the receivers and managers of Griffin Coal cannot be used for the purpose of paying secured creditors.
(e – f) Advice was provided by a number of government agencies and Ad Astra Corporate Advisory. KPMG was not engaged to provide advice on this matter.
(g – h) These details are confidential and commercially sensitive.
(i) I refer the Member to Standing Order 75.
This funding is held in a Treasury-Administered Global Provision and is therefore not reflected in the Department of the Premier and Cabinet’s budget. The Department draws down funds from the Global Provision as required.
(c) The receivers and managers have sought higher prices from coal customers.
(d) Payments made under the financial assistance agreements with the receivers and managers of Griffin Coal cannot be used for the purpose of paying secured creditors.
(e – f) Advice was provided by a number of government agencies and Ad Astra Corporate Advisory. KPMG was not engaged to provide advice on this matter.
(g – h) These details are confidential and commercially sensitive.
(i) I refer the Member to Standing Order 75.
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