Energy Minister Angus Taylor’s long – and in some cases politically painful – participation with rural industry has pertained to an end. The Liberal MP has offered his holdings in Development Farms Australia, the $400 million farming fund supervisor he founded with his bro 20 years back.
Growth Farms Australia is in business of handling a few of the nation’s biggest farming issues and is backed by British hedge fund billionaire Michael Hintze The attire is now chaired by former Mercer Investments president Stephen Roberts and handles some $400 million in properties. Taylor’s shares were kept in his household’s Gufee investment car.
Taylor’s agricultural interests have, for some years, been under heightened analysis after the Commonwealth forked out some $80 million to purchase water rights held by Eastern Australia Agriculture, another business related to Taylor (although that relationship ended long prior to the offer was struck).
In more recent years, Growth Farms Australia has actually been handling two stretching Queensland stations – Clyde and Kia Ora – as well as Sir Michael’s recently-acquired Cheviot Hills sheep farm in regional Victoria. Last year the fund forked out $25 million to purchase 7 billionaire Kerry Stokes’ Cygnet Park Farms operation on Kangaroo Island.
Whether Taylor is the only existing investor out of the business remains to be seen. Sources told this column an unnamed overseas financier had made a deal to secure the whole company.
The federal government’s choice to enable early access to superannuation cost savings has actually seriously reignited the culture wars between the industry’s boosters and critics.
And there’s little chance of these arguments diminishing anytime quickly, with Liberal Senator Andrew Bragg set to release a new book, Bad Egg: How to Repair Super, next month. The book contains detailed brand-new ballot on what the general public believes and understands about the incredibly system. Now, according to disclosures made by Bragg, we understand who has paid for that research, the expense of which ran into the countless dollars. It’s 4 of Bragg’s wealthy customers, including Greg Shand, whose Barana Capital attire owns some $450 million in residential or commercial property throughout the city.
Also sponsoring the research study, we keep in mind, is Jeremy Dunkel He’s on the board of the Malcolm Turnbull– founded fund supervisor Pengana Capital. Dunkel and Shand are signed up with by venture capitalist Jono Herrman and a service related to Clime Financial investment Management stock-picker Ronni Chalmers
It seems practically everybody involved in the Virgin Australia administration expect insolvency professionals KordaMentha to come barrelling into the imbroglio any minute.
Virgin Australia currently has an administrator. Deloitte’s Vaughan Strawbridge The attire established by Mark Korda and Mark Mentha are nothing however aggressive when there’s cash to be made. Currently those near to the administration are blaming KordaMentha for trying to start a rumour Deloitte has a conflict of interest after being designated by Virgin on April 5 to prepare the company for a possible administration.
Since then, they have actually been in talks with interested parties from personal equity outfit BGH Capital to vulture fund Oaktree Capital about the future of the airline companies.
KordaMentha, meanwhile, is very good at making a motza. Throughout the Arrium administration, it was drawing in almost $1 million in fees … weekly. In the very first year of Ansett’s administration, charges were more than $30 million. After a years working on that collapse, we can’t begin to imagine how much money was drawn out.
Still, it will be an uphill struggle to handle the politics of the Virgin collapse. For a start, any prospective purchaser will need to get the Transportation Employee Union onside. So how about BGH’s Ben Gray, whose daddy is an ex-Tasmanian Liberal premier? Robin Gray, it ends up, did alright with the unions.
Then there’s Deputy Prime Minister Michael McCormack His chief of staff, Damian Callachor, was till just recently a senior member of Qantas’ government relations group. As for Virgin boss Paul Scurrah, his other half Nicole was chief-of-staff to former Queensland Labor premier Anna Bligh As Queensland LNP leader Deborah Frecklington gleefully pointed out last year, the Scurrah’s Whistler bolt-hole has in the past hosted the state’s Labor treasurer Jackie Trad
All that should not matter in Virgin’s bid to fend off collapse. We can just envision it will.
BACK ON PERSONNEL
Malcolm Turnbull’s memoirs contain more than a couple of discoveries, from Scott Morrison’s habit of leaking to the press to how his primary personal secretary Sally Cray “helpfully and discretely handled a rather uncomfortable circumstance” that Cities Minister Alan Tudge had managed to get himself into.
But there is one last revelation hid, of all places, in the tome’s acknowledgments.
The ex-PM is back in company with one of the originals at his financial investment banking attire Turnbull & Partners. “It’s terrific to be working once again with Nick van der Ploeg as I return to equity capital,” Turnbull composed. Van der Ploeg, we have confirmed, has actually returned as Turnbull & Partners’ chief financial investment officer.