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Legislative Assembly for the ACT: 1999 Week 2 Hansard (10 March) . . Page.. 511 ..
MS CARNELL
: Thank you, Mr Speaker. Mr Speaker, if Mr Kaine would like me to table the list of the Cabinet submissions he failed to return, I am more than happy to; but I am sure he would not like that.Mr Speaker, the business plan was prepared by Graf Consulting International Pty Ltd right back when Mr Kaine was part of the Cabinet. Mr Humphries is here. Mr Humphries, did Mr Kaine ever complain about any of this, did he ever whinge?
Mr Humphries: Not that I can recall.
MS CARNELL: No, Mr Speaker, never once. Never once did he disagree with the approach that we were taking. Graf International Pty Ltd identified three main sources of revenue to fund the redevelopment. They were, as Mr Kaine rightly says - after that he got it a bit wrong - first and foremost, a $12.3m government contribution. That stands. It has not changed, Mr Speaker. Secondly, $8m would be raised from up-front revenue gathered from the sale of naming rights, corporate suites, food and beverage rights. That is still the case. The rest would be a loan to be repaid through operational revenue. Mr Speaker, there was never any amount from the three clubs. Mr Kaine should go back and read those Cabinet submissions he kept so that he would then know what the scenario is. Mr Speaker, that has always been the case and it remains the case.
Mr Speaker, BOPL - I will tell you exactly what it stands for, Bruce Operations Pty Ltd - was incorporated on 15 April 1998 and has the responsibility of managing Bruce Stadium. The company is limited by shares and is proprietary in nature. There are currently 12 ordinary shares held in the company by the Australian Capital Territory and it has a paid-up capital of $12. The amount paid up for each share is therefore $1. The Australian Capital Territory holds the beneficial interest in all shares in the company. The two directors of BOPL are Ms Moiya Ford, executive director of OBDT, and Mr Mick Lilley, the Under Treasurer. These two directors were appointed on 15 April 1998 after transfer from the directors of the shelf company on the same day. So now Mr Kaine well knows the financial arrangements of Bruce Stadium and what BOPL is. Mr Speaker, Mr Kaine's comment over the last few days that all of this is somehow secret means that he cannot read Cabinet documents or Hansard.
MR KAINE: I have a supplementary question, Mr Speaker. The Chief Minister tells us that this is a company with a $12 paid-up capital. She did not answer the second part of my question, and I will repeat it. What is the source of this company's funding to do the things that it is set up to do - with $12 paid-up capital? I do not think so.
MS CARNELL: Mr Speaker, of recent days Mr Kaine is showing that he is losing the capacity which maybe he once had - he was Treasurer at one stage, and certainly assisted me for a while - in terms of understanding finances. He is simply wrong. That particular company is involved in the management of the stadium. I already answered the first half of the question about exactly how the finances were going to be raised. Mr Speaker, again, $8m from sale of rights generally, things like naming rights and so on, and the rest from Bruce Stadium operations, like when people go along.
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