NSW Treasurer Makes Some Bad Investments

The Australian says of the six companies Mr Roozendaal lists as investments on the parliamentary disclosure register, four have either collapsed or are crumbling.

A fifth investment, the Prime Retirement Aged Care Property Trust, was worth 13 cents per share on January 12 (when The Australian reported the story), compared to $1 per share two years ago.

Mr Roozendaal said the financial adviser used was formerly an auditor for the NSW ALP, and an adviser to the government, before the pair were introduced.

The pair declined to comment to The Australian’s article, beyond the information disclosed to parliament.

The paper says two of the companies listed in Mr Roozendaal’s register are the Gilead Trust, which raised $25 million from investors to build retirement villages; and The Riverside Trust, which raised $15 million for a hotel on the Swan River in Perth.

Finchley Central (previously known as Kebbell), the operator of these trusts, was wound up by ASIC last September after claims of illegal activity. ASIC is reportedly waiting advice from a liquidator but it’s expected no funds will be left for investors.

The Australian reports Kebbell raised much of the $300 million poured into the failed Westpoint group.

The NSW premier also invested in the failed Great Southern affiliate Sylyatech Tropical Timbers and the Commonwealth Bank.

Mr Roozendaal once reportedly likened managing the state economy to “balancing the home budget”, The Australian reports.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.