Compensation Claim Matter, page-23

Below is part of what has been published on the Wave The Flag website. To read the full publication here is the link.

http://wavetheflag.org.au/2020/07/16/governments-response-to-the-recommendations-of-the-law-and-justice-committee-of-the-nsw-parliament-regarding-compensation-for-nucoal-shareholders/

Part of "Wave The Flag" Publication.
The score so far is – State convictions – zero. Companies and shareholders – all cases won. That’s right – exactly zero of the cases against the victims of ICAC’s corruption verdicts from these investigations have resulted in any conviction. More to the point, ICAC and the NSW Supreme Court have publicly stated that NuCoal and its shareholders are innocent. In Cascade’s case the Court has sent written acknowledgements to shareholders that they are also innocent.

These matters stand in defiance of the rule of law in NSW. To fix them the State needs to pay appropriate compensation for its decision to cancel their exploration licenses. And that’s where the Law and Justice Committee comes in.

Last year the Hon Rev Fred Nile tabled a private members Bill to set in train a process to fix these matters. The bill sought to appoint an independent arbitrator to examine the case of NuCoal and decide on compensation. The Bill went to the Law and Justice Committee which held public hearing and took submissions. It recommended against an independent arbitrator but acknowledged the case for compensation and put the matter back into Government to resolve. After 6 months the Government accepted the first recommendation and reserved its position on the second recommendation. In the meantime, NuCoal has written to the Government asking that they engage with the company to work things out.

So it’s back to the Government – when will it do what it obviously should do? When will it give justice to the 3000 people who invested lawfully in a company which sought to develop at its own risk a resource of the State? What more do these innocent shareholders have to do? Isn’t six years long enough to wait?