Singapore Ag company sells 89,085 megalitres of Australian water to Canadian pension fund

Liberal and Labor party deregulation of farm water allows this profiteering of $311M for foreign companies which pay little or no Australian tax. How much longer will Australians put up with this sell-off of our natural assets, particularly water

SINGAPORE (THE BUSINESS TIMES) – A unit of Olam International is selling 89,085 megalitres (about 89 billion litres) of its permanent water rights in Australia to a related entity of the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers, for A$490 million (S$452.7 million).
The deal is expected to be completed in December 2019, whereupon Olam will receive cash proceeds of A$490 million. The agri and food giant is also expected to book a one-time pre-tax capital gain of about A$311 million.
Separately, PSP Investments has agreed to buy about 12,000 hectares of almond orchards and related assets in Victoria, Australia, that were previously leased to the Olam unit, Olam Orchards Australia (OOA).

Liberal and Labor free trade and de-regulation mantra has allowed huge profiteering for foreign companies by selling our water

Both the almond orchards and the associated water rights will continue to be operated by the subsidiary, said Olam.
OOA has entered into a new, tiered revenue sharing arrangement with PSP Investments for the almond orchards, related assets and permanent water rights. Under this arrangement, OOA will pay PSP Investments a share of revenue from the almond orchards.
The agreement is for an initial period of 25 years with options to renew for another 25 years.
Olam’s managing director and CEO of edible nuts Ashok Krishen said: “Consistent with our asset-light approach to tree crop production, this arrangement will enable Olam Orchards Australia to focus on operations and continue to deliver best-in-class products and services to customers.
“I am confident this partnership with PSP Investments will help lead the industry in sustainable farming and agricultural practices, and protect critical natural resources, such as water in Australia.”
In addition to the sale of its permanent water rights in Australia, Olam is in discussions to divest and/or restructure various assets and businesses in line with its strategic plan. Some of these deals may conclude in this financial year, said Olam.

https://www.olamgroup.com/news/all-news/press-release/olam-orchards-australia-announces-sale-of-permanent-water-rights.html

About Editor, cairnsnews

One of the few patriots left who understands the system and how it has been totally subverted under every citizen's nose. If we can help to turn it around we will, otherwise our children will have nothing. Our investigations show there is no 'government' of the people for the people of Australia. The removal of the Crown from Australian Parliaments, followed by the incorporation of Parliaments aided by the Australia Act 1987 has left us with corporate government with policies not laws, that apply only to members of political parties and the public service. There is no law, other than the Common Law. This fact will be borne out in the near future as numerous legal challenges in place now, come to a head soon.

Posted on December 11, 2019, in Agenda 2030, agriculture, ALP, Irrigation projects, Liberal National Party, Liberal Party of Australia and tagged , . Bookmark the permalink. 4 Comments.

  1. It’s rush to sell us out!

    Like

  2. The utilitization of water ( and other natuaral assets ) is of course the globalist process of divide and control ( Agenda 2030 ).. Sadly it seems no one undertstands this – present company excepted of course..

    Like

  3. Government can’t sell the water they don’t own it

    Sent from my iPhone

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  4. Hmm.. I think the point being made it was criminal to tow the Globalist line and sell it in the first place.. Utilitization of resources is in the manual (Agenda 2030)

    Like

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