A leaked probity report into Star Entertainment’s new casino will stay secret after the company’s partner took legal action to prevent it being published.
A bombshell leaked probity report into a new casino crucial to Star Entertainment’s battle to stave off financial collapse will stay secret after the company’s Hong Kong-based partner took legal action to prevent it being published.
But cost blowouts on the project and a legal stoush with builder Multiplex have caused financial turmoil at The Star, which owns half the project in a joint venture that also includes CTFE.The Star entered a trading halt on Friday instead of unveiling its full-year results while it lobbies banks and investors for additional financial support.
The Queensland government’s 16-month investigation canvassed the adequacy of its 2015 probity report into CTFE that deemed the company suitable, and whether CTFE had since concealed from the state regulator an ongoing relationship with Chau. “The attorney-general found that CTFE lacked candour and fulsomeness in several dealings with ,” the statement said.However, this masthead obtained a full copy of the report that laid out the evidence on which the attorney general drew those conclusions and was on the verge of publishing its contents when CTFE took out an injunction against their disclosure.
In the meantime, increased regulatory costs and a lack of customers have eroded The Star’s ability to make a profit. It is responsible for paying half of a $1.6 billion loan that funded the development and is due to mature next year, though the battered casino business is worth a fraction of what it was when it agreed to guarantee the loan.
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