Taxpayers paid $50.6m for mill

Gippsland Times
December 18, 2017
Category: Business & Politics
Region: International

A STATE budget update has revealed the government paid $50.6 million to buy a share of Australian Sustainable Hardwoods. The midyear state government 2017-18 budget update was released on Friday, and confirmed the amount the government contributed after Premier Daniel Andrews announced in July the government would step in and buy the mill if there were no other offers. The government, through its ownership of Heyfield ASH Holdings Pty Ltd, bought shares in Australian Sustainable Hardwoods Pty Ltd, together with land on which it operates its timber mill in Heyfield. In addition, funding has been provided to cover the associated costs of the sale and restructure of the company. 

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