As predicted here just two weeks ago, BrisConnections shares have been halted on the ASX pending an announcement, the company warning of "adverse implications".
Professor John Goldberg of Sydney has written a 24 page analysis of the BrisConnections "Airport Link" project, where he easily shows "skewed traffic forecasts, poor cash flow, and unmanageable debt" doom the project to bankruptcy.
Basically, a fraud was committed. With the knowledge and acquiescence of the Bligh government and the Newman council. Why aren't MP's screaming for a "Royal Commission"??
Dr. Goldberg, a senior researcher at the CSIRO for thirty years, accurately predicted the financial collapse of Sydney's Cross City and Lane Cove tunnel projects long before Joh Bjelke Newman committed Brisbane ratepayers and the superannuants across Australia to the multi-billion dollar debacle! As well as Clem7, another Campbell Newman atrocity.
Goldberg also accuses BrisConnections of a "demonstrably misleading" shareholder disclosure statement and categorically states "the public-private partnership concept has failed in Australia". And while he calls for a warning to superannuation funds, it would seem the managers of many of these funds are in cahoots with the designers of these quasi-government projects at Macquarie Bank and others!
And while Newman and his predecessor Anna Bligh will claim "the taxpayer will not foot the bill", the fact is the public foots the bill in much lower returns on their superannuation investments. Pushing more and more future retirees into poverty. This is clearly organised crime by the governments across Australia - Newman and Bligh should be jailed, not praised.
You've got to admit it's a great scam. Steal the taxpayer's dosh from the money they've saved for their future, to build infrastructure the government won't finance properly.
This is the model of "common sense finance" now being pushed by Bob "Sleepy" Manning and his council of misfits and mistakes.
The HBW Blog proposes that no "public-private financial partnership" for the Entertainment Precinct, or any other Council infrastructure, be approved by this council without a full review by Dr. John Goldberg.