The Allan government is standing by Breakthrough Victoria’s chairman John Brumby as the opposition claims the fund needs to be investigated.
The state Liberals have referred the Victorian government’s $2 billion venture capital fund to the auditor-general, warning it is run by “Labor mates”, has been “shrouded in secrecy” and resulted in start-ups shedding jobs., a venture-capital fund that became the final nail in the coffin of the Cain-Kirner governments after it racked up estimated losses of $110 million.
But the start-up instead has cut up to 130 jobs as part of a restructuring deal to shut out the founders as Breakthrough Victoria sought to wrest control, amid a stand-off over capital injections from other players. “We’re holding the Allan government accountable today for breakdowns, whether it’s the proper management of major projects when it comes to Suburban Rail Loop Breakthrough Victoria, where we’ve seen a $2 billion fund so far boast only it misspent $30 million which we are going to ask the auditor-general to look at. They’re the issues Victorians care about,” he said.
“With Breakthrough Victoria we are seeing a massive breakdown,” she said. “All we are seeing is problem after problem. It’s shrouded in secrecy – really we’ve got to ask what is the state Labor government doing about the integrity and transparency of Breakthrough Victoria.”
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