Paradise Papers: Loy Yang paid $1b dividend to Engie in front of carbon taxation
Engie removed a $1 billion dividend from the Loy Yang B power station during the time that is same whining that the $500 million handout had not been enough compensation for the carbon taxation.
The giant that is french it self almost $1 billion in dividends in June 2012, times after the Gillard federal government awarded it $500 million in money and income tax credits when it comes to carbon taxation.
The funding strategy, which analysts say was aggressive but legal, kept Loy Yang B’s banking institutions looking for guarantees that are new Engie and its particular partner Mitsui, and, by 2014, had put the team at risk of breaching loan covenants.
Loy Yang pa >Paul Jones
By 2015, Loy Yang B organizations had been reporting losses and a year later on Engie chose to offer the ability place, included in an exit that is global coal energy plants.
The scheme to draw out $1 billion of dividends from the Loy Yang B procedure was called Project Salmon inside the Engie team.
Project Salmon is detailed in e-mail exchanges by Bermuda law practice Appleby with Engie solicitors, acquired by German newsprint S?ddeutsche Zeitung working together with the Overseas Consortium of Investigative Journalists and distributed to news lovers including The Financial that is australian Review.
The scheme took form while the federal federal federal government finalised plans for the carbon taxation. (more…)