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Tuesday, 10 May 1994
Page: 505


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

  That the Senate—

  (a)notes that:

    (i)Danmeat Pty Ltd is a wholly-owned subsidiary of Danpork Properties Pty Ltd, which is owned by Mr Keating's former piggery joint venturer, Danpork AS of Denmark, and has never filed an annual return with the Australian Securities Commission (ASC) since its formation in July 1992,

    (ii)Danmeat Pty Ltd delayed filing its financial statement for the 1991-92 financial year with the ASC until April 1994, many months after the due date for the return, even though it had been available for filing, but not filed, for 11 months, having been signed by the auditor in May 1993, and

    (iii)Danmeat Pty Ltd's belated accounts show land and buildings costing $831 516, although a search of the NSW Land Titles Office reveals that the only property held in NSW at that time was one adjoining the Brown and Hatton Parkville piggery which was purchased from Mr Keating's half-owned Belesdan Pty Ltd the day after the Danmeat Pty Ltd's formation in July 1992 for $350 000, a price that gave a profit of $230 000 to Mr Keating's Belesdan which had purchased it only 3 months earlier, and that another property in south Strathfield, out of which Danpork Australia Pty Ltd operates as a meat wholesaler, was purchased for $490 767 but this was not until February of the following financial year; and

  (b)calls on the Danpork partners in the Keating piggery joint venture to explain why the companies in its group, including Danmeat Pty Ltd, Danpork Australia Pty Ltd and Danpork Properties Pty Ltd, have failed so frequently to meet the ASC's requirements relating to the filing of annual returns.