Despite softening prices, wealthy businessmen Sam Chong and Chris Wallin are the beneficiaries of big paydays from highly profitable Bowen Basin operations.
Two little-known Queensland businessmen have become the beneficiaries of hundreds of millions of dollars in dividends paid by their private coal operations, with one, Sam Chong’s Jellinbah Group, paying out $900 million in dividends to its owners in the last 12 months alone.
Coal production in Queensland’s Bowen Basin has underpinned the wealth of several private investors in the state.“We’ve basically funding the Queensland government. They are not providing the services, they are not using the money well, none of the hospitals are running well and there is a lot of civil disobedience,” Paul Chong told. “It’s not fair we’re getting targeted. Why don’t they go after the film industry or something.
Mr Chong, who also has a considerable property portfolio in Brisbane, was Australia’s 72nd wealthiest person this year with a fortune of $1.9 billion, up 69 per cent, according to the Financial Review Rich List. Jellinbah paid $1.7 billion in dividends in the previous financial year, the accounts show.
That included a dividend of $375 million in the 12 months to June 30, and an additional $200 million in the months that followed.
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