18 April, 2024
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RUSSIAN DIVESTMENT DEBACLE COSTS NSW TAXPAYERS ANOTHER $30M

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NSW Labor can reveal that Dominic Perrottet’s NSW Generations Fund is facing losses totalling $30 million after the assets it bought in Vladimir Putin’s Russia were trapped following the Ukrainian invasion.
The government has confirmed that a $30 million write-off is looming in answers it gave to questions asked in the NSW Parliament.
NSW Shadow Treasurer Daniel Mookhey said the public is entitled to feel disappointed in an investment strategy gone wrong.
“Investing in Vladimir Putin’s Russia was wrong morally. And it has turned out to be a disaster financially.
“NSW is $30 million poorer as a result of this bad decision. The government should never have tried to profit from the regime of a warmonger.”
Dominic Perrotett created the NSW Generation’s Fund in 2015, as Treasurer. He seeded it with $10 billion using the State’s last budget surplus, as well as funds from privatising WestConnex.
NSW Labor first raised concerns about a series of controversial investments made by the fund in October last year.
The fund was found to have invested at least $225 million in dictatorships, tax havens countries with records of human rights abuses, or are classified as not “free”:

“We’re disappointed Mr Kean didn’t adopt our policy of divesting from Russia when we first raised it last year.Mr Mookhey said that the government should have acted sooner.
“Had Mr Kean listened to our suggestion, NSW would be at least $30 million richer.”
DANIEL MOOKHEY MLC

NSW SHADOW TREASURER

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