❓ Opposition asks about the terms of the 'process agreement' related to financial assistance provided to Griffin Coal after insolvency. Government cites commercial sensitivity for withholding details but intends to recover funds through future revenue.
AnsweredQoN 1018Legislative Council
Asked
13 September 2023
Member
Portfolio
State and Industry Development, Jobs and Trade
QuestionView source ↗
GRIFFIN COAL — LIQUIDATOR
1018. Hon Dr STEVE THOMAS to the minister representing the
Minister for State and Industry Development, Jobs and Trade:
I refer to the answer to question
without notice 991, asked yesterday, on the appointment of administrators and
receivers to the insolvent Griffin Coal in September 2022 in which the
government advised that the new ''process agreement'' contained
additional terms to the previous financial assistance agreement.
(1) Will the government please
provide a list of the additional terms in the process agreement?
(2) If no to (1), why not?
(3) What additional reporting
requirements have been added to the process agreement?
(4) Does the process agreement require
any repayment of the grants?
(5) Why were the
original financial assistance agreements not process agreements with
additional, and possibly adequate, terms and conditions?
1018. Hon Dr STEVE THOMAS to the minister representing the
Minister for State and Industry Development, Jobs and Trade:
I refer to the answer to question
without notice 991, asked yesterday, on the appointment of administrators and
receivers to the insolvent Griffin Coal in September 2022 in which the
government advised that the new ''process agreement'' contained
additional terms to the previous financial assistance agreement.
(1) Will the government please
provide a list of the additional terms in the process agreement?
(2) If no to (1), why not?
(3) What additional reporting
requirements have been added to the process agreement?
(4) Does the process agreement require
any repayment of the grants?
(5) Why were the
original financial assistance agreements not process agreements with
additional, and possibly adequate, terms and conditions?
AnswerView source ↗
I thank the
Leader of the Opposition for some notice of the question.
(1)–(3) The process agreement between the state and
Griffin's receivers is confidential and commercially sensitive.
(4) It is the
government's intention to recover the funds provided to Griffin's
managers and receivers as part of any longer term commercial arrangements. It
is intended that the payments will be recovered from additional revenue as a result
of increased prices. Treasury has appointed Ad Astra Corporate Advisory to
assist the government with discussions with commercial parties. The discussions
remain ongoing.
(5) The original
financial assistance agreements were short-term agreements to maintain coal
supply. The new financial assistance agreement, termed the process agreement,
was drafted to align with the 12-month extension of the state agreement with
Griffin Coal, with the possibility of a further 12-month extension.
Leader of the Opposition for some notice of the question.
(1)–(3) The process agreement between the state and
Griffin's receivers is confidential and commercially sensitive.
(4) It is the
government's intention to recover the funds provided to Griffin's
managers and receivers as part of any longer term commercial arrangements. It
is intended that the payments will be recovered from additional revenue as a result
of increased prices. Treasury has appointed Ad Astra Corporate Advisory to
assist the government with discussions with commercial parties. The discussions
remain ongoing.
(5) The original
financial assistance agreements were short-term agreements to maintain coal
supply. The new financial assistance agreement, termed the process agreement,
was drafted to align with the 12-month extension of the state agreement with
Griffin Coal, with the possibility of a further 12-month extension.
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