Millennium Services Group, which pocketed more in JobKeeper subsidies than its entire market capitalisation:
“The dinky little cleaning contractor with a market capitalisation of just $23.45 million took home $24.7 million in JobKeeper in the financial year, compared with $24.6 million in FY20”.
“Just $15.7 million was directed to its stood-down employees. It paid another $10 million of income tax on it. And the leftover $23.5 million it used to “repay borrowings”. Not a word of a lie!”
“Nowhere in the stated purpose of Treasurer Josh Frydenberg‘s flagship scheme did we ever hear ‘retiring corporate debt’ or ‘repairing companies’ balance sheets in 25 weeks flat'”.
“We only know about Millennium’s JobKeeper haul because it’s listed on disallowed. There are thousands and thousands more private companies who’ve done precisely the same thing, and we’ll never know about it”.
MIL Price at posting:
50.5¢ Sentiment: None Disclosure: Not Held
