Union fears over Griffin super failure
Griffin Coal has missed another deadline for the payment of outstanding superannuation, exacerbating fears about its health.
The Construction, Forestry, Mining and Energy Union confirmed yesterday Indian-owned Griffin failed to pay the $1.5 million in super which had been promised by Friday's extended deadline.
It also revealed the company had been a day late on Thursday in paying its fortnightly wages bill.
CFMEU mining and energy division WA secretary Gary Wood said the union continued to liaise with Griffin, which is trying to secure fresh funds from its parent, Lanco Infratech.
"It's obviously a major concern for us, how and when they're going to make that payment and future payments," Mr Wood said.
"We want and need Griffin to continue to operate.
"All we want are guarantees that their future commitments will be met."
Griffin declined to comment specifically about the superannuation payment but said it was "operating and meeting all our customer requirements".
"We believe there should be no concern about our operations," the company said.
The loss-making coal miner, bought out of receivership by Lanco nearly three years ago for $750 million, is already facing a wind-up action in the Federal Court over nearly $14 million in unpaid taxes.
With Griffin seemingly reliant on Lanco for its survival, the parent company is distracted by its own financial problems. It recently launched a corporate debt restructuring process under Indian law apparently aimed at relaxing repayment and interest terms on more than $US1 billion of debt.
Griffin is an important part of WA’s energy supply chain, feeding coal into the Bluewaters power station.
State Energy minister Mike Nahan’s office did not respond to a request for comment yesterday, but Mr Gray said the CFMEU had raised its concerns about Griffin with the WA Government.
“The Government is aware of the situation and are monitoring it,” he said.
