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Wednesday, 4 May 1994
Page: 144


Senator MICHAEL BAUME —I give notice that, on the next day of sitting, I shall move:

  That the Senate—

  (a)notes that:

    (i)the company in Mr Keating's former half-owned piggery group through which the Commonwealth Bank lent the group more than $20 million, with many millions of the steadily increasing indebtedness occurring while Mr Keating was a half-owner, is Rincraft Pty Limited,

    (ii)directors of Rincraft Pty Limited, made up of Mr Keating's former piggery partner, Mr Constantinidis, and a nominee, Mr Christopher, who has no beneficial ownership, have not filed annual returns, as required by law, for the 1988-89 and 1989-90 financial years,

    (iii)Rincraft Pty Limited's unaudited annual return filed for the 1990-91 financial year is patently false in claiming a profit of $1.5 million, purporting to offset a $1.5 million unaudited loss for the three piggery companies in the group, and claiming it had a shareholders equity of $4.9 million,

    (iv)subsequent annual returns filed by Rincraft Pty Limited reveal substantial losses making it technically bankrupt with liabilities exceeding assets, leaving shareholders equity collapsing to a deficit of $1.4 million by June 1993, and

    (v)the Australian Securities Commission (ASC) has failed to require Rincraft Pty Limited either to correct its false 1990-91 annual return or to file outstanding returns for the 1988-89 and 1989-90 financial years, a failure that is incredible in the face of the Keating group's contemptuous refusal to abide by the law despite repeated calls in Parliament for proper reporting by this group; and

  (b)calls on the ASC to deal with these continuing breaches of the corporations law by the group that persisted throughout the years that Mr Keating was a half-owner.