Inquiry set for $317 million Ayers Rock Resort purchase
The purchase of the five-hotel Ayers Rock Resort, overlooking Uluru, by the Indigenous Land Corporation (ILC) is to be investigated by the federal government.
Fairfax Media reported that Finance Minister Mathias Cormann has been convinced of the need for an inquiry into the $317 million acquisition in 2010.
After lobbying by the new board of the ILC, the minister has asked Indigenous Affairs Minister Nigel Scullion to take charge of a review.
The new board of the ILC has complained that the acquisition has burdened the corporation with debts of $200 million.
After two write downs it is worth nearly $120 million less than when it was bought from the listed GPT Group.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
