Reklam
Reklam
Reklam
Reklam
Reklam
Reklam

Australian competition authorities goes to court against port operators

AUSTRALIANSUPER and IFM's long-term business case for Port Botany and Port Kembla has been placed in jeopardy after the Australian Competition and Consumer Commission (ACCC) took the investment groups to court over deeds in the sale agreement that were allegedly 'anti-competitive and illegal'

Australian competition authorities goes to court against port operators

AUSTRALIANSUPER and IFM's long-term business case for Port Botany and Port Kembla has been placed in jeopardy after the Australian Competition and Consumer Commission (ACCC) took the investment groups to court over deeds in the sale agreement that were allegedly 'anti-competitive and illegal'

15 December 2018 - 03:48

AUSTRALIANSUPER and IFM's long-term business case for Port Botany and Port Kembla has been placed in jeopardy after the Australian Competition and Consumer Commission (ACCC) took the investment groups to court over deeds in the sale agreement that were allegedly 'anti-competitive and illegal'.

Both ports were sold by the government of New South Wales for A$5.1 billion (US$3.685 billion) in 2013.



The deeds were intended to protect the funds against the development of a rival container terminal at the port of Newcastle by obliging the NSW government to pay AustralianSuper and IFM and their consortium partner Tawreed Investments an A$100 fee on every container moved in and out though Newcastle once the port became large enough to handle 30,000 TEU annually, reported Australian Financial Review.



The ACCC has asked the federal court for an injunction to prevent AustralianSuper and IFM, whose operating consortium is named NSW Ports, from seeking compensation, even though the port of Newcastle presently only handles 10,000 TEU per year.



The NSW government is not part of the court action because the sale was a one-off transaction and the government is not considered to be 'carrying on a business' under the Competition Act, said ACCC chairman Rod Sims.


WORLD SHIPPING

This news 150 hits received.