Mr MARTIN FERGUSON (10:15 AM) —I call on the Treasurer and the ministers responsible for corporate governance to properly monitor foreign nationals and multinationals so that they can no longer hide behind voluntary administration as a method of stripping hardworking Australians of their life’s work. A recent example of the failings of the Australian court is that of Bob Bosnjak who, along with his father, Simon, and brothers John and Jim, built up one of Australia’s biggest and most successful bus companies: Westbus/Bosnjak Holdings.

After having been first swindled of much of his share in Bosnjak Holdings and going through lengthy court proceedings to have an order made against Jim Bosnjak for an account of profits for his dishonest dealings with the National Bus Co., Bob Bosnjak has now been swindled out of any practical redress by National Express. After Bosnjak Holdings was put into voluntary administration, National Express made it a condition of standing behind ordinary trade creditors that it and all its directors be indemnified against any claim Bosnjak Holdings might have against it and its directors, effectively leaving Bob Bosnjak out in the cold with little means of redress.

National Express has gone on to secure three transport franchises in Victoria—namely, V-Line, M-tram and M-train—and has also bought Jim Bosnjak’s share of the National Bus Co., allowing National Express to effectively treat Bosnjak Holdings as a wholly owned subsidiary without regard to Bob Bosnjak who currently has further legal action under way in relation to this matter.

However, the reckless corporate behaviour of National Express continues further by the fact that it saddled Bosnjak Holdings with a debt it could not survive, effectively running it into the ground, resulting once again in voluntary administration and the subsequent sale of Bosnjak Holdings assets to a Singaporean Cabcharge Jointventure. I therefore say that National Express, so far as I am concerned, has swindled Bob Bosnjak of his life’s work and of the legacy left to him and Jim by their father, Simon.

This should have been without any doubt an example of a great migrant success story but the antics of National Express have ensured that not only was Bosnjak Holdings managed abysmally whilst under voluntary administration but it was effectively run into the ground and destroyed and then had its assets sold to another foreign company, leaving Bob Bosnjak with literally nothing.

That National Express and its directors can destroy an Australian company then hide behind voluntary administration is a travesty of justice. This is an example that requires Australian government action. It is a lack of corporate governance and this matter needs to be fully investigated and attended to. It is about time successful migrants and other Australians who build successful companies were protected from foreign multinationals who come in to destroy their life’s work and effectively swindle them out of their just entitlements and rewards for their life’s work.