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Time that P.T. indomilk was solved



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MEDIA RELEASE

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20 MAY 1985

OPPOSITION SPOKESMAN ON TRADE HON. TOM MCVEIGH M.P.

TIME THAT P.T INDOMILK WAS SOLVED

Opposition Spokesman on Trade, Mr Tom McVeigh today urged the Λ ·

Minister for Trade, Mr Dawkins, to use his visit to Jakarta to

discuss the problems of the Australian Dairy Corporation arising

from the operation of P.T Indomilk, the Australian Dairy Corporation's

■joint venture milk plan. : , ■■■·.■

1 An amount of $14.1 million is currently owing to the Australian

dairy industry by P.T Indomilk for raw materials, supplies and

technical services, Mr McVeigh said. '

1 Under the financial arrangements announced by the Chairman of

the A.D.C on 15 March with the Liem Group, the dairy industry will

incur an immediate loss of $2.5 million. The remaining $1Q.2 million

will not be paid until the legal issues with P.T Kebun Bunga on the

Australian Dairy Corporation's shareholding in Indomilk have been

resolved.

Mr McVeigh said pending the outcome of legal action in the Indonesian

and Victorian Supreme Courts, the dairy industry may still be faced .

with the payment of heavy interest costs of around $1.2 million per

annum through the relevant export pools.

' I understand that P.T Kebun Bunga are now prepared to reach a

settlement in the matter, Mr McVeigh said. The Minister for Trade

must take this opportunity to discuss with Indonesian officials

how a solution can be reached to overcome the dairy industry's

financial difficulties.

' Mr Dawkins should then report back to the Parliament on what .

progess he has made to bring this matter , to an immediate resolution.'

Contact: Mr Tom McVeigh 72 7319