DevelopmentWA Faces Calls to Disclose Elizabeth Quay Deal Details
Transparency advocates are intensifying pressure on DevelopmentWA to publicly reveal comprehensive details about its property deals with magnate Victor Goh at Elizabeth Quay. This follows ongoing construction delays and revelations about offshore company structures involved in the landmark Perth development.
Offshore Ownership Structures Raise Questions
The West Australian exclusively revealed that three prized lots at Elizabeth Quay were sold by successive State Governments for approximately $190 million in 2016 and 2017. However, the purchasing entities—CA Corporation and CA & Associates—are owned through Centure Smith, a company registered in the British Virgin Islands.
DevelopmentWA has consistently declined to name the ultimate shareholders or financiers behind these projects. This lack of disclosure has sparked significant concern among corporate transparency advocates.
Advocates Demand Public Disclosure
Tax Justice Network senior advocate Mark Zirnsak told The West Australian that the details should be made publicly available. "The people of WA should be able to know who is able to invest in such a large development," he stated.
Zirnsak emphasized that while there is no suggestion of wrongdoing by Mr. Goh, the case highlights how companies established in jurisdictions like the British Virgin Islands can conceal the true sources of investment capital. "Purchasing property through hidden ownership structures is a common way that the proceeds of crime can be shifted across borders and placed in a legitimate asset," he explained.
Government Response and Construction Delays
Premier Roger Cook recently expressed frustration with the slow construction progress on the EQWest apartment tower and hotel project, urging developers to "get on with it." The Premier's comments came after The West Australian revealed a major legal dispute between contractor D & C Construction and subcontractor SRG Global.
Despite these delays, DevelopmentWA boss Dean Mudford declared the residential building "completed" last week after the City of Perth granted a six-month temporary occupancy permit.
Political and Regulatory Context
When Greens Leader Brad Pettitt requested documentation about Centure Smith's directors and shareholders in the Legislative Council last year, parliamentary secretary for lands Katrina Stratton responded that "DevelopmentWA was satisfied based on its due diligence that the purchaser was able to fulfill its obligations."
Planning Minister John Carey has previously supported the authority, stating he was advised that "all required due diligence has been undertaken." A spokesman for the Minister noted that Mr. Carey receives regular briefings on Quay progress and that DevelopmentWA has met with Mr. Goh twice in the past six months.
The spokesman added: "The development continues to meet milestones and adhere to standard extensions, noting large scale private and public projects have faced feasibility challenges during and after COVID."
Broader Transparency Initiatives
The Tax Justice Network has been a major advocate for a national register of beneficial ownership, which would reveal the ownership structures of otherwise hidden companies. The Federal Government pledged in October to launch such a register after previously delaying implementation.
Zirnsak argued that "property with a significant value should not be able to be purchased without knowing who are the people making the purchase." He noted this is particularly important for preventing the movement of illicit funds across borders.
The West Australian does not suggest that Mr. Goh is, or has ever been, involved in any illegitimate transactions or corruption of any kind. The focus remains on the broader principles of transparency and public accountability in major government land deals.
