Page 1496 - Week 04 - Thursday, 26 March 2009
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and their representatives remains the most effective way of ensuring the occupation and use of the site is secured. The development has been completed with a certificate of occupancy and use being issued. It is anticipated that occupation of the site, as a service station, will occur in the near future.
Actew China—losses
(Question No 49)
Ms Hunter asked the Treasurer, upon notice, on 12 February 2009:
(1) How much money has ACTEW China lost for the ACT.
(2) When is it expected that the voluntary liquidation or deregulation will be complete.
Ms Gallagher: The answer to the member’s question is as follows:
(1) By way of background, approval for the establishment of ACTEW China Pty Limited (ACPL) was given in October 1997 by the then Voting Shareholders of ACTEW Corporation Limited (ACTEW), Mrs Kate Carnell MLA and Mr Trevor Kaine MLA. ACPL is a wholly owned subsidiary of ACTEW. The date of commencement of registration of the company was 31 October 1997. The objects of the company are to:
(a) establish a joint venture in The People’s Republic of China to engage in research, development, manufacturing and sales of flow meters and other environmental protection products, and to engage in sales and commission agent activities relating to other electronic, mechanical and meter products;
(b) pursue other opportunities in The People’s Republic of China as they arise from time to time; and
(c) undertake any other related business or activity which may be undertaken by a natural person.
The Company has been inactive since 2001-02. As at
30 June 2008 accumulated losses to ACTEW total $379,405.
(2) An application for voluntary deregistration was lodged with the Australian Securities and Investments Commission (ASIC) on 3 February 2009. ASIC advised on 10 February 2009 that the application had been approved. ASIC will publish a notice of the proposed deregistration in the Australian Government Gazette and may deregister the company two months after publication of the notice.
ActewAGL—executive remuneration
(Question No 50)
Ms Hunter asked the Treasurer, upon notice, on 12 February 2009:
What is the breakdown of how the $3.87 million, mentioned on page 35 of the joint venture report within the ACTEW annual report, is distributed between board members and key members of the executive team.
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