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Old 25-04-2010, 06:31 PM   #1
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Default Haze over dragway as racing legend denies doling out jobs

THE Greens have called on the corporate watchdog on to examine the financial viability of the Sydney Dragway amid allegations of favouritism by the chairman of the board.

Australian drag-racing legend Jim Read has headed the board of Western Sydney International Dragway at Eastern Creek since it opened in 2004, after the NSW government paid $30 million of taxpayers' money to build it. He strongly denies any wrongdoing.

His wife Denise runs all the merchandising at the dragway and is responsible for sponsors' signage and logos - exactly the same sponsors she deals with in her similar role with her husband's Jim Read Racing team.

One of the drivers of that team is Mr Read's son, Phil Read, whose plumbing firm provides much of the maintenance for plumbing work at the dragway.

In the past his stepdaughter Monique has operated the public address system, stepdaughter Melissa has sold programs, son Luke has done maintenance and nephew Michael Ryan lived in a flat at the site to provide security.

A former director and accountant of the WSID, Ian Seckold, said: ''The joke at the track was that if your name wasn't Read you couldn't get a job here.

''Phil was doing any of the plumbing that needed to be fixed. He did a good job, though.''

Former director David Cook, who helped Mr Read establish the dragway, said: ''Many people worked very hard, committing a great deal of effort, passion and money to the establishment of Western Sydney International Dragway. It was planned to meet the needs of both the sport and the many individuals involved. It appears to be failing to meet either goal at the moment.''

Sylvia Hale, Greens MP and spokeswoman for Western Sydney, said: ''It is time that the Australian Securities and Investments Commission stepped in to investigate the operation of this company.

''The public needs to know now that its assets are being properly managed.

''Should the company fail, the $30 million of public funds invested in the venture could be lost entirely.''

One of the directors on the WSID board, which two years ago approved an almost $200,000 unsecured loan to Mr Read, is Robert Cavagnino, who is also the crew chief of one of Mr Read's racing teams. Also on the board is former NSW Labor Party staffer and deputy mayor of Liverpool Tony Beuk and his ex-wife Diane. Mr Beuk used his Labor connections to lobby for the government to build the raceway.

Ms Hale said: ''It rings alarm bells to learn that an employee of the Labor Party heads up a public company that receives ongoing government funding for the construction and operation of the dragway.

''WSID's manager, Tony Beuk, is still listed on the Labor Party's website as an employee of the NSW branch of the ALP."

Mr Beuk signed off the last financial reports for the not-for-profit organisation. The latest, for the year ending June 2008, shows that the dragway made a loss of $758,153. It also received a grant of $225,296 and at the same time loaned Mr Read $190,887.

Mr Read has just returned from America where he was inducted into the Drag Racing Hall of Fame in Florida. He denies any suggestion of wrongdoing. ''This place wouldn't exist without me,'' he said.

The last financial return filed by the dragway, again for the year ending June 2008, showed that Mr Read collected a salary package worth a total of almost $160,000.

''I am the one who didn't go to work for seven years to get the place built,'' he said. ''There was no one else except my wife, she gave up seven years of her life to set up this place.''

He said he had been accused of many things, all of which were false. ''We have an open book here,'' he said.

''Jim Read Racing is losing money because my sponsors are putting money into the racetrack. The only one of my family who works here is my wife.

''My son quoted for all those plumbing jobs.''

And he stressed that the $190,887 loan had been repaid.

The dragway also made more than $100,000 in donations to the Labor Party between 2003 and 2007. But, until recently, it did not pay rent.

Landlord Western Sydney Parklands Trust said the original agreement allowed for capital improvements to be made to the site in lieu of rent.

Trust director Suellen Fitzgerald said: ''The Western Sydney Parklands Trust, which has been responsible for administration of the lease since July last year, renegotiated terms and the Western Sydney International Dragway Ltd is now being charged rent.''

NSW Sport and Recreation Minister Kevin Greene's spokesman said: ''The Western Sydney International Dragway Ltd is a public company. The Australian Securities and Investments Commission is the relevant corporate regulator.

''Commercial matters such as those relating to employees and loans are matters for the board of Western Sydney International Dragway Ltd.''
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Taxpayers fork out $500,000 for exhibition shed ... and get marquee



WESTERN Sydney International Dragway boss Jim Read announced proudly two weeks ago that workers were putting the finishing touches to an exhibition shed and pit extension funded by a $1.7 million government grant.

But Paul Stephens, who helped the dragway apply for the grant, was astonished to see a marquee where the $500,000 exhibition shed was to have been built.

Mr Stephens, from Macarthur Sheds, said: ''I spent quite a lot of money to help them put that proposal together. I costed it all, they applied for it and nothing ever came of it.''

As far as he knew the only work on the shed was the construction of an asphalt platform and temporary marquee. He queried how the $1.7 million was spent.

A spokesman for NSW Sport and Recreation Minister Kevin Greene confirmed the $1.7 million was for pit extensions and an undercover trade and exhibition building on the Eastern Creek site. ''I am advised that the works have been completed,'' he said.

Mr Read told The Sun-Herald: ''The men are outside now putting the finishing touches to it.''

Source SMH.
MATTHEW BENNS
April 25, 2010

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