Has there been a back-door deal done with the NAB? Three months ago employees were told there was a fund of $7 million that employees and creditors will be paid out of. Now it appears there will be nothing left, and employees are forced to go to GEERS.
What stinks is that the NAB appointed Deloittes for three months and the business has been sold to a company called Brennan IT. My problems is that if the company couldn’t pay staff (yes, pays were missed!) in October, why wasn’t the business put in to administration then and go to market to find the best solution for creditors and employees?
Instead there is an abrupt deal to sell the company to Brennan, Peter Mavridis takes up a job with Brennan, and in the end the NAB is cared for as a secured creditor and the company finally goes into liquidation yesterday almost four months after everyone knew it was insolvent.
What I find so disenchanting is that ASIC does nothing about this.
I can’t believe you missed the best story of yesterday: the chance to visit Godwin Gretch’s home in Canberra, which is currently for sale. Did any of the Liberal Party officers visit Godwin at home before making him their go-to guy? Apparently not, or they would have been given pause, once they saw inside…
And is that a book about Hitler I spy on the book shelf?
Budgie-smuggler Abbott has entered the 2010 Australian Ironman Triathlon in Port Macquarie on March 28. The lycra-(and bandana?)-wearing crusader qualified in November last year by completing a half-ironman in seven-odd hours while most of the supporters had packed up and left. See the pics here. This could be a very long day for the alternative PM.
Despite Peter Garrett’s public announcement the other day that the Green Loans Scheme would end next month (March 22), financial institutions offering green loan product on behalf of the department appear to have been told by DEWHA not to process any more loans and any loans that have been approved but money not paid are to be scrapped as of February 23.
So much for the March 22 end-date announced by the Minister. It appears that this date relates to when the funds have to be fully drawn down to already approved and paid applicants rather than when you can get your application through to get a loan. This wasn’t mentioned anywhere in Garrett’s press release nor on the DEWHA website, which is still saying loans are available to March 22.
Not to mention the fact the financial institutions offering the “unpopular loans” (according to Garrett) have seen a massive surge in interest by those who have actually received their reports (not many due to the administration bungle) since it was announced that the loans were being scrapped.
Has anybody timed how long it will take the Sydney light rail to get from Central Station to Circular Quay? I’d hazard a guess that with Sydney traffic being what it is, you’d be looking at one hour or so during peak periods. Does that mean the embarrassing old monorail is coming down?
I have seen that thing stuck on its rail a couple of times, with hapless tourists stuck inside. The cars, the tracks, the stations are 25 years old.
Crikey should start a new column on Australia’s biggest infrastructure stuff-ups!
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