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Misleading pig company returns raised in Senate



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P A R L I A M E N T O F A U S T R A L I A · T H E S E N A T E

S E N A T O R MI C HA E L B A U M E SENATOR FOR NEW SOUTH WALES

S H A D O W M I N I S T E R F O R T H E A R T S , H E R I T A G E S P O R T .

MISLEADING PIG^COMPANY RETURNS RAISED IN SENATE

Today in the Senate I moved the following Notices of Motion:-

That the Senate-a) Notes that last week's refusal by the Minister for Justice, Senator Tate, to ask the Australian Securities Commission to examine false returns made to the Commission by Euphron Pty Ltd a piggery holding company half-owned by Prime Minister Mr

Paul Keating and his family which wrongly state Mr Keating's half-share in his multi-million dollar, multi-national piggery venture had cost him only $43,000 not the $430,000 it really cost, and which within six weeks became worth $4.2 million according to the company's return.

b) Notes that Olympia Industries Ltd, another company half owned by Mr Paul Keating and his family, has falsely claimed in its illegally belated annual return for the year to June 30, 1990, (but dated 22 May 1992, when Mr Keating was Prime Minister and signed by his partner, Mr Constantinidis) that the shareholders' equity

in the company was $454,478.

c) Notes that the true situation is, on the contrary, th at shareholders funds are in deficit by $454,478, with the company having a total debt of $985,280.

d) Calls on the Minister to ask the Australian Securities Commission to ensure that people doing business with this company are no longer misled by incorrect official documents about its financial status.

That the Senate-a) Notes the refusal of the Minister for Justice Senator Tate to ask the Australian Securities Commission to examine false returns by the Keating piggery companies.

b) Notes that two other Keating companies have belatedly submitted false annual returns for 1990 that overstate their financial strength, namely Olympia Refrigeration Sales P/L, whose shareholders equity is really in deficit by $167,582, not in credit by the same amount as reported and whose tangible assets are in debit by $476,289, with a total debt of $2,765,095 and Olympia Interiors P/L, whose

shareholders equity is shown at $125,858, but which is in fact in the red by that amount.

c) Calls on the Minister to request the Australian Securities Commission to exercise greater supervision over the publication of details by the Keating group of companies to end this pattern of false returns.

For further information please call 06-277 3610 · 14 October 1992

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