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LNP trust recieved $430,000 from Walton as it collapsed

Bruce McIver.
Bruce McIver.

A PROPERTY Trust linked to the LNP received $430,000 in rent from Walton Construction last financial year at a time it was about to collapse owing Sunshine Coast sub-contractors $2.9 million.

The payment is listed in Associated Entity documents filed with the Australian Electoral Commission for Altum P/L acting as trustee for Altum Property Trust. Its business address is 66 Bowen St, Spring Hill, the LNP's headquarters.

Australian Electoral Commission records show that the LNP fundraising entity received more than $1.4 million from Walton Construction in the financial years from 2009-10 to 2012-13.

LNP Queensland president Bruce McIver said the money was paid for rent by Walton Constructions for its Bowen Hills headquarters.

Altum Property Trust was the landlord. Mr McIver said the LNP had also been burnt by the Walton collapse. It is listed as a creditor owed $24,774.43.

"We have had no donations from Waltons whatsoever and you can quote me on that,'' Mr McIver said.

Rent paid by Walton to the LNP entity changed substantially from year to year.

In 2009-10 the AEC was informed $105,994 had been received from Walton. In 2010-11 the amount was $353,315, in 2011-12 it was $516,966, and in 2012-13, $431,082.

The 2010-11 payment was initially declared as $211,988.94 but was amended on May 27, 2013, to the amount above.

Walton Construction and Walton Queensland went into liquidation in October last year with debts totalling $50 million.

Altum Property Trust lists its address as a Maroochydore post office box.

The AEC 2012-13 disclosure also shows a sum of $564,242 paid by Silk Contract Logistics.

An AEC spokesman told the Daily Altum had been asked to explain the purpose of the payments and also the particulars of debt it lists at more than $100 million.

"We are talking to the associated entity about what the monies are for to find out what's going on," he said.

The major creditor of Altum Property Trust is the LNP, who it owes more than $2 million in amounts listed as $150,000; $500,000; $350,000; $1,001,106 and $48,559.

Walton liquidator Lawler Draper Dillon has told creditors it believes the companies had been trading insolvent from July 1, 2012.

Housing Minister Tim Mander has committed to fund, through the Queensland Building and Construction Board, the public examination of Walton sole director Craig Walton and other management in an attempt to get to the bottom of the $50 million collapse.

Altum Pty Ltd's board includes LNP state party treasurer and Senator-elect Barry O'Sullivan, Robert Hutchinson, who sits on the QBCB and is a Queensland Chamber of Commerce and Industry life member, James Martin chief of staff for Tourism Minister Jan Stuckey, former Liberal Party president Con Galtos and Harry Charlton of Buderim.

Altum's shareholders are Sunsuper chairman Graham Heilbronn and National Party stalwart Lenore Johnstone. They represent the Liberal and National halves of the LNP.

Topics:  australian electoral commission, builder, donation, lnp, walton construction


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