Kwinana Petrochemical Plant
The Kwinana petrochemical plant was a never-realised
In September 1986 Petrochemical Industries Company Limited (PICL), a joint venture involving companies controlled by property developer
Due to outstanding loans to Connell and Connell-associated entities, Rothwells was short $300 million or more needed to restore its solvency and produce an acceptable balance sheet, and without these funds Rothwells would have to cease trading on its reporting date, 31 July 1988. In order to deal with Rothwells's impending crisis, a mid-1988 meeting involving representatives of the state government, Rothwells and
When PICL was sold to the state government and Bond Corporation its sole real asset was a heavily-mortgaged block of land in Kwinana valued at $100,000.[citation needed]
References
- ^ State Law Publisher of Western Australia Findings of WA Inc Royal Commission Vol. 4, Ch.18. Retrieved on 9 November 2012.
- ^ State Law Publisher of Western Australia Findings of WA Inc Royal Commission Part II
- ^ a b State Law Publisher of Western Australia Findings of WA Inc Royal Commission Vol. 5, Ch. 21