Its appears that this is now the 2nd DD failure of such magnitude. Australian DPM has revealed that the accounts are in poor state that they have to be reconstructed.
Temasek pumped in $1Billion in May last year. What accounts were they looking at? Micropolis failed within weeks of purchase. Even a 3rd rate accountant with couple of misdemenours with the governing body would have done this job better. Who the fuck is actually running this ship which after recent amendments in Parliament need no longer contribute income on a regular basis to the State.
When will this country gets transparency. Why can't a inquiry be held. Is ABC Learning a state secret? Do they build warships, have missles, etc.
"ABC Learning accounts in a mess: Julia GillardFont Size: Decrease Increase Print Page: Print Patricia Karvelas | November 13, 2008
Article from: The Australian
JULIA Gillard has warned that deciding the future of ABC Learning Centres will be time-consuming because the company's accounts are in such poor shape investigators will have to start from scratch in assessing its records.
The Deputy Prime Minister has sent forensic accountants from the insolvency and corporate recovery practitioners PPB into the failed childcare group as part of a growing investigation into the company's collapse.
PPB's accountants will work with the company's receivers to examine financial data from every ABC childcare centre.
The Australian Securities and Investments Commission is also examining the web of interrelated companies that operated under the umbrella of ABC, founded 20 years ago by Eddy Groves and his estranged wife, Le Neve.
Ms Gillard, who is also Education Minister, told parliament the receivers and a government taskforce would have to work out the costs, revenues and occupancy rates of every centre.
"The team will need to then take data and financial details and verify those against the records and documents of individual centres. This will be done by tracking back to the original source documents," she said.
It comes as the federal Government accused former ministers in the Howard government of being too close to ABC Learning and allowing it to dominate the market.
Ms Gillard named Queensland frontbencher Peter Dutton, who owns a building that is leased to ABC Learning for $100,000 a year.
"We know that in the recent election campaign the member for Higgins (Peter Costello), the then treasurer, toured an ABC Learning Centre with the member for Dickson (Mr Dutton) for the publicity that it would generate," she said.
"And the member for Dickson has referred to Eddy Groves as a friend and supporter. This shows the connection."
Ms Gillard said the receivers had advised the taskforce in her department that the quality of ABC Learning data and its information management systems "are poor".
But the Coalition's spokeswoman for childhood education and childcare, Sophie Mirabella, accused the Rudd Government of wasting money because it planned to build its new promised childcare centres within a 5km radius of 113 ABC Learning Centres.
"The Rudd Government is currently building 32 new general childcare centres; these are the first of 260 centres they promised during the election. Twenty-four of those new centres will have at least one ABC Learning Centre within a 5km radius", Ms Mirabella said in a statement.
But Ms Gillard said the presence of other childcare centres in a particular location did not preclude the need for extra childcare.
"Just because a centre is unprofitable does not mean there is not a need for more childcare in the area," she said.
"It is not correct to assume, as Ms Mirabella has, that all ABC Learning Centres are unprofitable.
"It is also not correct to assume that the only reason a childcare centre is not profitable is because they had unfilled childcare places"."
Temasek pumped in $1Billion in May last year. What accounts were they looking at? Micropolis failed within weeks of purchase. Even a 3rd rate accountant with couple of misdemenours with the governing body would have done this job better. Who the fuck is actually running this ship which after recent amendments in Parliament need no longer contribute income on a regular basis to the State.
When will this country gets transparency. Why can't a inquiry be held. Is ABC Learning a state secret? Do they build warships, have missles, etc.
"ABC Learning accounts in a mess: Julia GillardFont Size: Decrease Increase Print Page: Print Patricia Karvelas | November 13, 2008
Article from: The Australian
JULIA Gillard has warned that deciding the future of ABC Learning Centres will be time-consuming because the company's accounts are in such poor shape investigators will have to start from scratch in assessing its records.
The Deputy Prime Minister has sent forensic accountants from the insolvency and corporate recovery practitioners PPB into the failed childcare group as part of a growing investigation into the company's collapse.
PPB's accountants will work with the company's receivers to examine financial data from every ABC childcare centre.
The Australian Securities and Investments Commission is also examining the web of interrelated companies that operated under the umbrella of ABC, founded 20 years ago by Eddy Groves and his estranged wife, Le Neve.
Ms Gillard, who is also Education Minister, told parliament the receivers and a government taskforce would have to work out the costs, revenues and occupancy rates of every centre.
"The team will need to then take data and financial details and verify those against the records and documents of individual centres. This will be done by tracking back to the original source documents," she said.
It comes as the federal Government accused former ministers in the Howard government of being too close to ABC Learning and allowing it to dominate the market.
Ms Gillard named Queensland frontbencher Peter Dutton, who owns a building that is leased to ABC Learning for $100,000 a year.
"We know that in the recent election campaign the member for Higgins (Peter Costello), the then treasurer, toured an ABC Learning Centre with the member for Dickson (Mr Dutton) for the publicity that it would generate," she said.
"And the member for Dickson has referred to Eddy Groves as a friend and supporter. This shows the connection."
Ms Gillard said the receivers had advised the taskforce in her department that the quality of ABC Learning data and its information management systems "are poor".
But the Coalition's spokeswoman for childhood education and childcare, Sophie Mirabella, accused the Rudd Government of wasting money because it planned to build its new promised childcare centres within a 5km radius of 113 ABC Learning Centres.
"The Rudd Government is currently building 32 new general childcare centres; these are the first of 260 centres they promised during the election. Twenty-four of those new centres will have at least one ABC Learning Centre within a 5km radius", Ms Mirabella said in a statement.
But Ms Gillard said the presence of other childcare centres in a particular location did not preclude the need for extra childcare.
"Just because a centre is unprofitable does not mean there is not a need for more childcare in the area," she said.
"It is not correct to assume, as Ms Mirabella has, that all ABC Learning Centres are unprofitable.
"It is also not correct to assume that the only reason a childcare centre is not profitable is because they had unfilled childcare places"."
