This story is based on another excellent thread by Belinda Jones – (https://twitter.com/BelindaJones68/status/1280071131290931200)
You may not have heard of Pact Group. They’re in the recycling business and last year they reported a $320 million half-year loss (https://www.smh.com.au/business/companies/pact-appoints-ex-bluescope-executive-as-ceo-after-its-shock-result-20190328-p518fi.html). In March 2020 they announced a $500 million investment. Quite a turnaround.
It’s helped by a Federal Government grant of $190 million. This may, or may not, be the same $200m they promised to recycling in May 2019 (https://www.smh.com.au/federal-election-2019/coalition-to-promise-200-million-in-pitch-to-voters-on-the-environment-20190502-p51jjf.html), we don’t know.
Now, why Pact Group? As Belinda notes in her thread,
- Pact Group Executive Chairman Raphael Geminder was seen at a Liberal Party fundraiser in in March 2019
- Non-Executive Director Michael Wachtel also sits on the Board of the Future Fund with Peter Costello
Does this look dodgy to you?
National Plastics Summit signals changes for plastic recycling – https://minister.awe.gov.au/ley/media-releases/national-plastics-summit-signals-changes-for-plastic-recycling
Pact Group leads the Circular Economy through $500 Million Investment Plan – https://pactgroup.com.au/news/pact-group-leads-the-circular-economy-through-500-million-investment-plan/
Job boost expected from $600m recycling scheme as 2024 export ban looms – https://www.smh.com.au/politics/federal/job-boost-expected-from-600m-recycling-scheme-as-2024-export-ban-looms-20200703-p558qh.html
$190m “bonza” boost to recycling industry – https://www.sustainabilitymatters.net.au/content/sustainability/article/-190m-bonza-boost-to-recycling-industry-1160238095
Full story at Original twitter thread – https://twitter.com/BelindaJones68/status/1280071131290931200Tweet