Humphries Leaves More Questions To Be Answered On Quarry

Wayne Berry - Member for Ginninderra

Media Statement - 7 August 2001

Chief Minister Humphries was today unable to answer questions about the financing arrangements for Totalcare's multi-million dollar Williamsdale Quarry.

Labor MLA Wayne Berry pointed to multi-million dollar financing arrangements at the quarry asking the Chief Minister had he approved of it as a shareholder and asked why the matter was not laid before the Assembly.

Totalcare advice trumpeted by the Chief Minister says:

• Suffice it to say that, if you have Territory approval to acquire an interest in the quarry, the only issue that need concern you is that, if development finance is to be obtained externally, granting any security interest to a development financier will itself require the approval of the Territory (again through the voting shareholders).
  
  In the case of either an acquisition or the creation of a security interest over a "significant asset", the terms of any approval given by the Territory must be laid before the Legislative Assembly.

"It is astounding that having specific legal advice from 1999, Mr Humphries is unable to tell the Assembly whether he has complied with it or not," Mr Berry said.

"Mr Humphries has at all material times been a voting shareholder of Totalcare and gave written consent to the joint venture forcing the sale of 50% of the quarry. "No approval has ever been laid before the Assembly. It seems that Mr Humphries' inability to recall whether he has given approval is because none was ever given.

"This is the second time Mr Humphries has been unable or unwilling to answer," Mr Berry concluded.