Tower Holdings issued GKI lease forfeiture notice

THE QUEENSLAND Government has taken action against Tower Holdings in relation to overdue Great Keppel Island lease payments. 

Member for Keppel Brittany Lauga this morning advised The Morning Bulletin as part of the Department of Natural Resources and Mines' process in taking action for non-payment of lease rental Livingstone Shire Council and Tower Holdings have been issued letters in regards to the forfeiture of leases. 

Livingstone Shire Council has been contacted by the Department to determine whether there are outstanding rates and charges in relation to the leases of Great Keppel Island and whether the council intends on making an application to the Minister for approval to sell the leases.

Tower Holdings' GKI Development Manager Anthony Aiossa was issued a letter in regards to overdue GKI rent and interest. 

A section of the letter read ' despite interaction over the last year in an attempt to manage GKI Resorts' debt, there remains a substantial debt to the State with no apparent pathway for the debt to be paid through continuation of the Leases.' 

It also read ' Under section 240E of the Land Actm GKI Resort may make written application to the Minister for Natural Resources and Mines (the Minister) for permission to sell each Lease. If this is GKI Resorts' intention, it is important that it obtain the Minsiter's permission prior to taking steps towards selling.'

The letter also indicated that if GKI Resort does not pay the outstanding debt the Minister may forfeit the Leases or allow local government or the chief executive of the department to sell the leases. 

More to come. 



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