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Thursday, 13 February 2003
Page: 11919

Mr Murphy asked the Treasurer, upon notice, on 16 October 2002:

Further to the Minister for Employment and Workplace Relations replies to part (4) of question No. 472 (Hansard, 19 August 2002, page 5044) and part (3) of question No. 882, was any Government supervision or scrutiny made of the sale of Traveland to Internova, in light of what now appears to be a commercial transaction involving the sale and transfer of a strategic national travel agency to a company that was ab initio fundamentally incapable of providing that service; if so, what supervision was undertaken; if not, why not.

Mr Costello (Treasurer) —The answer to the honourable member's question is as follows:

Traveland was placed into voluntary administration (within the meaning of Part 5.3A of the Corporations Act 2001) in September 2001. Traveland's creditors voted to sell the business to Internova under a Deed of Company Arrangement in May 2002. Under the Corporations Act 2001, such a decision is a matter for the company's creditors and not the Commonwealth. The Australian Securities and Investments Commission (ASIC) has been investigating the failure of Internova, in particular the activities of Financial Options Groups Inc Pty Ltd. In light of ASIC's ongoing investigation, it would not be appropriate to comment further.