Cobar is a remote town in western NSW. For 30 years the local Council has been supporting Lillian Bray Village, a 34 bed hostel and care facility and now wants somebody else to take over given its losses. Ratepayers are subsidizing its $2.5 million annual budget by $200,000 a year. Between 2005 and 2010 it made losses of $335,000; in the past two years it made a surplus after subsidies of $14,000. This is a tip of the iceberg. Each week another Council declares it needs to unburden itself of a community care facility.
Five Prime Trust directors found to a breach their duties when handing over $33 million to Bill Lewski
Corporate watchdog ASIC was successful in the Federal Court, obtaining a ruling that the five former directors of Prime Trust are liable for breaching their duties as officers of the trust APCHL. They agreed to the amendment of the Constitution of...