Qube bullies its way into Jobkeeper and plush bonuses
Shipping group Qube Holdings will give back $17m in JobKeeper subsidies but pockets $13.5m and some fancy executive bonuses despite its revenue rising strongly. How did it pull this off?Qube Holdings paid out the largest executive dividends of any company that received the Jobkeeper subsidy – some $2.78 million. The company’s retiring CEO Maurice James was granted $2 million.
There is little evidence Qube, worth $5 billion, was eligible for Jobkeeper. A revenue drop of more than 50 per cent was required to be eligible. However, at the end of June 2020, Qube reported that its underlying revenue had increased 9 percent over the same period in 2019.
In the 2020 financial year (July 2019 to June 2020), Qube Holdings’ revenue was $1.9 billion.
As December 2019, halfway through the 2020 financial year, Qube Holdings had already made $957.3 million, just over half of Qube’s total profits for the year.
This means Qube saw nearly the exact same revenue in the two halves of FY 2020, despite supposedly being affected by Covid for four months in 2020.
How did Qube qualify for JobKeeper?
https://www.michaelwest.com.au/bosskeeper-ports-giant-qube-bullies-its-way-into-jobkeeper-and-plush-bonuses/Raider
