By WILL GLASGOW, MARGIN CALL EDITOR & CHRISTINE LACY - The Australian Business Review
Peter Dutton has handed the controversial operator of the Australian Government’s refugee services Paladin Holdings a $110 million six-month extension to its now almost $445m, 22-month contract.
Dutton’s Home Affairs department will pay Paladin — which is now domiciled in Singapore — another $18.25m-a-month, or $4.2m-a-week to run its East Lorengau Refugee Transit Centre as well as other sites in Papua New Guinea until the end of December.
The group signed the contract extension on June 29, but details were only published on a government tender site on Monday.
Details of the $110m, six month extension comes as new PNG Prime Minister James Marape this week visits Canberra to meet with PM Scott Morrison, with the future of Australia’s refugee processing facilities on the agenda.
Over the life of the deal it will be worth an average of $20.15m-a-month to the group, which is run by former Australian Defence Force soldier Craig Thrupp and Adelaide-based businessman Ian Stewart.
Paladin has run the Government’s refugee facilities on PNG’s Manus Island since September 2017 via a series of contracts. The latest almost $110m hike in the value of their deal with Dutton and Mike Pezzullo’s Home Affairs department will take their total revenue from the service provision to about $543m.
Paladin took over the Manus operations via a limited government tender process after the previous operator Spanish infrastructure giant Ferrovial — which had taken over operator Broadspectrum back when Diane Smith-Gander was its chair — decided it no longer wanted the contract.
Go to this link for more: https://www.theaustralian.com.au/business/margin-call/dutton-extends-paladin-contract/news-story/3a10eed4df21c8d5a83e678d5868cb9
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