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Author: Chris DChris D
Date: Aug 13, 2008 14:02
Railcorp's gravy train reaches the end of the line
Linton Besser Transport Reporter
August 14, 2008
A WELDING manager who defrauded RailCorp of $4.28 million and a contracts
officer who helped herself to $650,000 are among eight people recommended
for prosecution as the Independent Commission Against Corruption begins to
release findings from one of the biggest investigations in its history.
The corruption watchdog has recommended criminal charges against three
former RailCorp staff and three rail contractors. Two accomplices face
perjury charges. They face up to seven years in jail.
By the time the nine-week hearing ended in May, $19 million in "work
improperly allocated to contractors" had been identified, as well as $3
million in kickbacks to RailCorp staff.
Corruption was so widespread at the troubled rail network that the inquiry
was forced to draw to a close despite a torrent of allegations about other
scams.
So many employees and contractors appeared before the hearings that ICAC has
taken the unusual step of staggering the release of its findings over
several months.
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Author: Chris DChris D
Date: Aug 9, 2008 17:33
DELEC closed it doors for good (except the wheel lathe) last Friday the
8/8/08.
The fuel point, sanding facility and all maintenance sheds are now all
closed.
EDI's maintenance staff have been transferred to the new maintenance
facility at Clyde.
CD
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Author: Chris DChris D
Date: Aug 5, 2008 20:31
Asciano down but confident
Philip Hopkins
August 6, 2008 - 12:00PM
Ports and rail operator Asciano has reported a $182.1 million loss for
2007-08, but is confident of a strong year ahead.
To bolster its case, the company announced new long-term deals for rail
group Pacific National - coal contracts in Queensland with Rio Tinto and
Xstrata, and a five-year grain agreement with Manildra in NSW.
To help fund expansion, Asciano also launched a $100 million security
purchase plan for existing security holders, who will be able to buy up to
$5000 in new Asciano securities at a 5%% discount.
The $182 million loss, for the period from June 15, 2007 to June 30 this
year, was due to the drought hitting Pacific National's grain haulage and
significant items.
These included a $103.7 million loss on the sale of its stake in Brambles, a
write-down in the carrying value of grain haulage assets of rail group
Pacific National, restructuring costs relating to the restructure of the
grain business, and demerger and establishment costs.
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Author: Chris DChris D
Date: Aug 3, 2008 22:46
TPG Capital bids for Asciano
August 4, 2008 - 11:33AM
Ports and rail operator Asciano Group said that it had received an
unsolicited takeover offer from TPG Capital and Global Infrastructure
Partners.
''Asciano has this morning received an unsolicited, non-binding indicative
proposal to acquire 100%% of the issued securities of Asciano by way of a
scheme of arrangement,'' Asciano said in a statement to the Australian stock
exchange.
''The proposal includes a cash alternative of $4.40 per Asciano security.
There is a scrip alternative of unlisted securities in a bidding company.''
Asciano said the proposal had been submitted by TPG Capital and Global
Infrastructure Partners.
''Securityholders are recommended to take no action at this time,'' Asciano
said.
''The directors will communicate further as soon as practical.''
Asciano shares, which were in a trading halt this morning, last traded at
$4.15.
AAP
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Author: C. DewickC. Dewick
Date: Aug 3, 2008 05:43
terryc woa.com.au> writes:
>On Sat, 02 Aug 2008 09:03:03 +1000, Kevin Martin wrote:
>> Exactly, with the biggest argument being that an unimpressed government
>> is "not interested in solving the transport/global warming/needs of the
>> future etc, etc. As I said elsewhere, if its so good, let them build one
>> at their own expense.
>That$2billion dollars would no include the realestate that it needs
>either.
>>
>> I don't know anything about the Maldon - Dumbarton line, but it seems to
>> have much more potential to be useful.
>Simple really, Port Kembla is really choked in usefullness as a sea-land
>freight interchange as all freight has to enter or leave by roads that
>are already conjested or by rail through Sydney.
>AFAIK, the idea for the Maldon to Dumbarton line was that rail freight
>could come down that line into and out of Port Kembla and thus avoid the
>bottle neck of going through the Sydney Metro area.
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Author: C. DewickC. Dewick
Date: Aug 1, 2008 06:43
Kevin Martin notreqdoptusnet.com.au> writes:
>vebna wrote:
>>
>> Only reason why we won't have monorails is because politicians are afraid to
>> stick their necks out.
>>
>>
>Why? If a monorail is so good, why doesn't private business build it
>themselves & simply collect fares from the swarm of passengers that
>allegedly want to use it?
>No need to involve interfering governments.
Governments will interfere - plain and simple. It's their business to
interfere and 'regulate', 'tax', 'license', etc. Is the width of the 'rail'
(which would be termed the 'gauge' for a uni-rail system) more than 600 mm
for the average monorail setup? If it is, it falls under the Rail Safety Act
(in NSW at least) so there'd be no escaping government interference. I don't
know if there's similar legislation in Vic but I'd assume there would be
something.
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