Economy
Forestry: Foreign takeover?
GEOFF EASDOWN, Herald Sun
JAPANESE woodchip trader Marubeni is accused of plotting to seize valuable blue gum trees to profit from hardpressed Timbercorp investors dealing with the collapse of the managed investment group.
The allegation arose yesterday when it was revealed that Marubeni was a major shareholder in two Australian companies which are now seeking to recover land they had leased to investors in Timbercorp’s forest projects.
Timbercorp liquidator Mark Korda says the two companies — W.A. Plantation Resources Pty Ltd and W.A. Chip & Pulp Co Pty Ltd — are jointly owned by Marubeni and Nippon Paper Industries, one of Marubeni’s biggest customers.
Mr Korda’s allegations are outlined in an affidavit lodged yesterday with the Federal Court.
He alleges that West Australian Plantation Resources (WAPRES) had issued default notices to recover large tracts of forests because of unpaid rent when Marubeni seemed to be no longer willing to buy chips harvested from the forests.
“I believe that the position the Marubeni/Wapres interests are adopting in relation to their role as landlord also advances their commerical interests,” Mr Korda states in the affidavit.
He says that the leases terminated a month after the rent fell due, allowing them to exercise their rights to the properties.