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How a company controlled by one of Singapore's richest families legally pocketed JobKeeper

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A private company controlled by one of Singapore's richest families — construction machinery and equipment supplier Tutt Bryant — legally pocketed $5.4 million of JobKeeper while it increased its revenue and profits.

Its accounts note that the downturn expected in construction never eventuated over 2020-2021, and it was allowed to continue to operate nationally despite lockdowns in major states.

Its accounts also note: "The Group has and is expected to continue to benefit from significant Government investment and spending initiatives to stimulate the economy to counter the effects of COVID-19." It states that "the financial effect of this dividend has not been brought to account in the financial statements for the year ending March, 31 2021 and will be recognised in the subsequent financial reports".The accounts also show Tutt Bryant paid accounting firm KPMG $423,313 for audit and compliance services and had $18.6 million cash in the bank in 2021.

Mr Leigh will ask ASIC, which will appear before the House Economics Committee, why it has not enforced disclosure requirements rigorously enough.

 

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Legally .... and what's illegal about it? Morally does not break the law.

What a fn cluster.

BS, Rich Businesses subsidised with JobKeeper of 13B$, but poor welfare recipients are forced 2 repay 33M$. Shows Scumo's LNP govt in Action. 1 Rule 4 Poor Welfare Receipents & Another 4 Rich Businesses, who didn't,t even need it!!!

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