28 Apr

Australia: Timbercorp olive harvest goes ahead

Harvesting is going ahead at one of the largest olive groves in the world, owned by Timbercorp.

The grove, at Boort in central Central Victoria, is one of the properties the company had trouble selling, before placing itself into voluntary administration.

Will Pattison, who works as a contract harvester at the grove, says it makes sense to harvest the fruit.

“There’s $20 million worth of oil on those trees,” he says.

“It costs approximately $2 million to take it off, so it makes sense, it’s in the best interest of everyone, to take the crop off.”

Meanwhile, the Federal Government won’t say whether it will investigate the Timbercorp collapse.

The Nationals Member for Mallee, John Forrest, has called for an investigation of the company’s move into voluntary administration, as well as an overall look at managed investment schemes.

A spokesperson for the Minister for Superannuation and Corporate Law, Nick Sherry, says it’s important to let the administrators conduct their work, and it would be inappropriate to comment further at this stage.

However, the Federal Government is expected to shortly release a report into non-forestry managed investment schemes.

[Source] Click here