Alan’s 7.10 editorial 08.06.17
Darwin Port June 8 2017
Well, could this represent an opportunity to reverse the appalling sale (or 99 year lease) of Darwin Port to Chinese company, Landbridge?
I see Landbridge is seeking a $500 million loan from the Chinese Government’s Export Import Bank to fund the construction of a business park in Darwin and prop up its Australian operations
Landbridge’s Australian ventures aren’t looking flash
In May, its other major Australian asset, resource company Westside, reported a $6.65 million loss
Landbridge also has to find $880,000 a year to pay former Trade Minister, Andrew Robb
According to reports today, Landbridge is looking to use Darwin Port as security for the proposed $500 million loan
But if it secures the loan, will struggling Landbridge be in a position to repay interest and principal?
Should Landbridge default on loan repayments the Northern Territory Government has confirmed it would have the right to resume control of Darwin Port
The Foreign Investment Review Board would also have the power to intervene
This sale of Darwin Port should never have been allowed in the first place
Landbridge has its own private militia and is run by a former Chinese People’s Liberation Army officer with close ties to the Communist Party
The deal horrified the US and was never subjected to Foreign Investment Review Board scrutiny because the port was a State Government asset
The Turnbull Government should be examining every opportunity to reverse this deal as a matter of urgency