❓ Dr. Thomas questions the government's role in the Griffin Coal insolvency, particularly regarding financial support and the potential replacement of liquidators. The Minister outlines the government's support for stability and facilitating a commercial agreement.
AnsweredQoN 829Legislative Council
Asked
15 August 2023
Member
Portfolio
State and Industry Development, Jobs and Trade
QuestionView source ↗
GRIFFIN COAL
829. Hon Dr STEVE THOMAS to the minister representing the
Minister for State and Industry Development, Jobs and Trade:
I refer to the unprecedented
blowouts to the grants handed over to the receivers and managers of the
insolvent Griffin Coal and to commentary in
the newspaper on Sunday suggesting that Griffin's Indian-founded owner,
Lanco , has called a meeting of creditors on 31 August to replace
insolvency firm Cor Cordis with new liquidators.
(1) What role is the government
playing in this ongoing debacle, including what oversight is it taking?
(2) Is Lanco
Resources Australia Pty Ltd still the official single shareholder of Griffin
Coal, as per the minister's answer to question without notice 2 asked
on 14 February 2023?
(3) If yes to (2), is this an
Australian company?
(4) Can the liquidators, Cor
Cordis, be replaced, and who can make this decision?
(5) How much more state money will
the government put into Griffin Coal to keep it afloat?
829. Hon Dr STEVE THOMAS to the minister representing the
Minister for State and Industry Development, Jobs and Trade:
I refer to the unprecedented
blowouts to the grants handed over to the receivers and managers of the
insolvent Griffin Coal and to commentary in
the newspaper on Sunday suggesting that Griffin's Indian-founded owner,
Lanco , has called a meeting of creditors on 31 August to replace
insolvency firm Cor Cordis with new liquidators.
(1) What role is the government
playing in this ongoing debacle, including what oversight is it taking?
(2) Is Lanco
Resources Australia Pty Ltd still the official single shareholder of Griffin
Coal, as per the minister's answer to question without notice 2 asked
on 14 February 2023?
(3) If yes to (2), is this an
Australian company?
(4) Can the liquidators, Cor
Cordis, be replaced, and who can make this decision?
(5) How much more state money will
the government put into Griffin Coal to keep it afloat?
AnswerView source ↗
I thank the Leader of the
Opposition for some notice of the question.
(1) The government is providing support to stabilise
Griffin Coal's operations to ensure energy system security and
certainty for the Collie workforce and community. The government remains of the
firm belief that Griffin Coal's financial difficulties should be
resolved through a commercial agreement with its customers, based on paying a price for coal that supports the
stable operation of the mine. Treasury has appointed Ad Astra Corporate Advisory to assist the government with
the discussions with commercial parties, with a view to facilitating this
outcome. The government has not played any role regarding the Griffin Coal
liquidator.
(2)–(3) Yes.
(4) This is a matter for Griffin
Coal and its creditors.
(5) See the answer to (1).
Opposition for some notice of the question.
(1) The government is providing support to stabilise
Griffin Coal's operations to ensure energy system security and
certainty for the Collie workforce and community. The government remains of the
firm belief that Griffin Coal's financial difficulties should be
resolved through a commercial agreement with its customers, based on paying a price for coal that supports the
stable operation of the mine. Treasury has appointed Ad Astra Corporate Advisory to assist the government with
the discussions with commercial parties, with a view to facilitating this
outcome. The government has not played any role regarding the Griffin Coal
liquidator.
(2)–(3) Yes.
(4) This is a matter for Griffin
Coal and its creditors.
(5) See the answer to (1).
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