Auditor-General ‘watergate’ report finds buyback scheme didn’t ensure value

Narran Lakes in May 2020, which has had the biggest inflow since 2013.

Dumb but legal clears Taylor but blames Joyce (ODT)

The most controversial buybacks were in 2017, in the so-called “watergate” deals worth $80 million with Eastern Australia Agriculture, in Queensland’s Condamine Balonne Catchment.

The buybacks were executed under then-water minister Barnaby Joyce, who faced criticism because the parent company Eastern Australia Irrigation was domiciled in the Cayman Islands, a known tax haven, and recorded a $52 million profit from the sale.

The watergate scandal featured during last year’s federal election campaign, with speculation over Energy Minister Angus Taylor’s role in the deal with Eastern Australia, where he was co-director until 2013 when he was elected to Parliament.

via Auditor-General ‘watergate’ report finds buyback scheme didn’t ensure value

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.