Former ALP Premier Peter Beattie covered up $1 billion bad debt swindle
Cairnsnews will be publishing a series of reports, perhaps nostalgic for older Queensland readers but what we are exposing from the 1970’s, 80’s and 90’s until the present day is the extent of corruption between government, police, public service, big business and the unions. Queenslanders dropped their guard after the Fitzgerald Inquiry, which, incidentally did not go near the drug trade thinking we would go on to live in a somewhat sanitized society. Cairnsnews can reveal that nothing changed after the socialist Labor Party took over government in the early 90’s and in fact the Marxists made corruption and voter fraud an art form. Just ask the present Premier about her cosy relationship with the medical mafia, a part of which her father manages. On it goes, nothing has changed since Tony Fitzgerald waged war with crooked cops and politicians. This is the first of a series of Queensland the Corrupted State.
by Des O’Neill
When it comes to the bags of cash kickbacks, the Fitzgerald Inquiry made a big thing (and so they should have) of old Joh Bjelke-Petersen receiving bags of $50,000 cash.
Immediately after Fitzgerald the CORRUPT EVIL ALP made an ART FORM out of corrupt bags of cash only they now call it CONSULTANT’S FEES.
You see what was happening was that small business individuals, wishing to establish in QLD, could apply for a GOVERNMENT sponsored loan. If they approached their local ALP Member, they were told there was a upfront CONSULTANTS FEE of $50,000.1 billion
In 1996 after the GOSS ALP administration had been in power for six years the bad debt for QIDC (Queensland Industry Development Corporation) blew out to $962 Million. (YES THAT’S ALMOST 1 BILLION DOLLARS). Some of this bad debt was part of the old Nationals pre-Fitzgerald loans for mates scheme (which were never paid back) BUT THE BULK OF THE BAD DEBT MONEY WAS UNDER THE GOSS ADMINISTRATION.
What was happening was the SO CALLED CONSULTANTS FEE was going onto the top of the loan. e.g. Say the loan was for $500,000 add on the Consultants Fee which would make the total loan $550,000.
Now in 1998, when the BAD DEBT had blown out to $962M and QIDC was being wound up and merged with SUNCORP and it was floated. So what happened is that the Qld Auditor General, Len Scanlan wanted to engage a team of 24 auditors to go through the QIDC bad debts and recover as much of that debt as possible. Scanlan had the 24 positions all ready to advertise (in Govt. Gazette) however Peter Beattie over-ruled him.
Beattie retrieved the QIDC file off Scanlan and sent it onto an accountant, who just happened to be a former QLD ALP MP. This individual wrote a recommendation on the QIDC bad debt and it was forwarded to Deloitte for a final recommendation.
Guess who was Chairman of Deloitte at the time? It was none other than Wayne Goss. Of course the final recommendation came back that the whole bad debt be written off as unrecoverable.
What the Auditor General didn’t know, that if his auditors started digging through the QIDC bad debt files, is that the so-called $50,000 CONSULTANTS FEES would come to light. BUT BEATTIE OBVIOUSLY KNEW. The Nationals were quite happy to see the QIDC saga finally put to bed as it got rid of the mates loans saga. As for SUNCORP they had to take on the bad debt as QIDC (all $962M) was merged with them.
From information given to me, they were very unhappy about this obviously affected the value of SUNCORP’s float when it was publicly listed. As for the $50,000 consultants fees, it wasn’t going to the QLD ALP. It was going into politicians back pockets. Of course, the ALP bagman who collected the cash was Bill D’Arcy. Now what happened in early 2004 was that I met a small businessman, who wanted to start up a new small business in about 2003. He approached his local ALP MP for government support. He was told that there was an upfront CONSULTANTS FEE of $50,000.
This guy was honest and balked at that and soon dismissed the whole idea. He told me that about a week and a half later he received a phone call from another local ALP MP, who really put the weights on him for the $50,000. The businessman told me he was considering taking the whole matter to the CMC (QLD’s Crime and Corruption Commission at the time).
I told him he couldn’t do that, as it was equivalent to taking it to the ALP Headquarters in Peel Street, South Brisbane and getting them to investigate themselves. That’s how bad they (CMC) are! I further told him he was putting his life in danger by going there on an issue like that.
Funny thing about the ALP BAGMAN is that they (ALP) had to find a new one, because D’Arcy was in jail for paedophilia.
I know who that is (from the small businessman) and they (ALP) certainly looked after him.
He lost his seat in the ALP wipeout in 2012 and he now holds a senior position at a university.
What is needed is a Federal Royal Commission to clean up this corrupt mess of financial corruption and paedophilia. There is ample Federal jurisdiction for this.
Posted on August 27, 2021, in ALP, anna bligh, Annastacia Palaszczuk, australian Labor Party, Banks, General and tagged Peter Beattie, QIDC, Tony Fitzgerald, Wayne Goss. Bookmark the permalink. 6 Comments.