The sale of the port required FIRB approval including, presumably, involvement by its chairman Brian Wilson. As I noted last week at The Australian:
Foreign Investment Review Board chairman Brian Wilson has accepted a role as adviser to the $180 billion private equity giant, the Carlyle Group, potentially putting the former investment banker in conflict when it comes to giving the green light or blocking key foreign investment moves.
The US-listed, Washington-based private equity group, which has completed more than $2bn worth of deals in Australia and more than $20bn worth in Asia, yesterday said Mr Wilson would become a senior adviser to its Asian buyout team.
However, Mr Wilson, who plans to remain in his current role at FIRB, has promised to stand aside from any decision involving Carlyle, the private equity fund that has a string of investments in Australia and through Asia.
…The Sydney-based Mr Wilson will be working with Carlyle’s Asian buyout team looking for new investment opportunities in Australia and the region.
…Scott Morrison said FIRB had “strong procedures in place to manage conflict”.
Did Mr Wilson stand aside for this decision? If so, how could FIRB function without its chairman? Or, did he participate in it? In which case, why so given Carlyle Group has an infrastructure fund that was recently active in Australian ports, from its website:
INVESTMENT | INDUSTRY | ACQUIRED | STATUS | |
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Illinois Central School Bus, LLCIllinois Central School Bus, LLC is a Midwest school bus transportation business. Illinois Central is the fifth largest school bus owner/operator in North America, performing home-to-school bus services during the academic year for public schools, school charter services and non-school charter services. | Infrastructure | Jun 2010 | Current | |
ITS Technologies & Logistics, LLCITS Technologies & Logistics, LLC is an intermodal services company, which generates more than 90% of its revenue from lift-on / lift-off of containers from trains and trucks, the maintenance and repair of transport and lift equipment, and checkpoint administration. Other services include drayage, rail switching, auto unloading, near-dock port operations, and chassis pool services. | Infrastructure | May 2008 | Current | |
Synagro Technologies, Inc.During the period of Carlyle’s ownership, Synagro Technologies, Inc. was the largest recycler of organic, non-hazardous waste and wastewater residuals in the U.S. | Generalist | Apr 2007 | Exited | |
CalPeak PowerCalPeak is a portfolio of four 49.5 MW natural gas-fired peaking generation facilities in California, including two units located in Northern California and two in Southern California. | Energy | Sep 2013 | Current | |
MidwayMidway is a 122 MW natural gas-fired simple cycle power plant under long term power purchase agreement with Pacific Gas and Electric. | Energy | Sep 2013 | Current | |
Cogentrix Power ManagementCogentix Power Management is the technical and operating platform for the power generation assets owned by Carlyle.
| Energy | Dec 2012 | Current | |
Cogentrix Power Holdings LLCCogentrix is a fully-integrated platform that invests in, owns and operates power generation facilities | Energy | Dec 2012 | Current | |
Western Water Holdings LLCWestern Water Holdings LLC is a is a holding company that was formed to acquire Park Water Company. Park Water is an investor-owned water utility operating under the regulatory oversight of state public utility commissions in California and Montana and the U.S. Environmental Protection Agency. | Dec 2011 | Exited | ||
Project Service LLCProject Service LLC is a joint venture among The Carlyle Group, SUBWAY Restaurants and Subcon, Inc. In November 2009, Project Service entered into a 35-year public-private partnership with the State of Connecticut to redevelop, operate and maintain Connecticut’s 23 highway service areas across the state. | Infrastructure | Oct 2009 | Exited | |
Qube LogisticsQube Logistics operates in three divisions covering Automotive, Bulk and General Stevedoring, Landside Logistics and Strategic Development Assets through brands that are well recognized and respected in the markets in which they operate. These businesses provide a broad range of logistics services nationally, focused on the movement of imported and exported products. | Infrastructure | Mar 2011 | Exited |