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The stalled 'sale' of Bonaira

The Bugle App

Local Contributor

01 November 2024, 2:49 AM

The stalled 'sale' of Bonaira

The latest update by Kiama Council on the stalled 'sale' of Bonaira, is both concerning and not unexpected. It would appear that the 'sale' may be very much a 'Claytons' sale - you know - the sale you have when you haven't really got a sale.


Two delays in settlement now, and remember, this is only the down payment - $1 million, as we have been led to believe, the balance payable 18 months later. That pushes back the final settlement to almost 2027. So how will the remaining T-corp debt be funded? One cannot help think that yet again the community has been sold a pup.



I have also asked Council the question on what basis has the commission to Stuart Brown Advisory been calculated? You know, they belong to the same stable as Stuart Brown Chartered Accountants who were given the task of advising Council whether it should sell, retain or lease both Bonaira and the Terralong facility. No prizes for guessing what their recommendation was, and again unsurprisingly in accord with the recommendation given to Council by the General Manager.


Of course the response by Council to my query was far from transparent - but then again just about everything else this Council has done in this whole sorry mess, has suffered from the same problem. Good luck to our newly elected Councillors in sorting out this debacle!


A. Holder