Native title corporation urged to be folded up

AN Aboriginal corporation responsible for managing an extensive parcel of native title land has been urged to fold after its accountant raised allegations of fraud within the organisation.

Bigambul Limited, trading as The Bigambul Native Title Aboriginal Corporation, collapsed into administration on August 19 with debts including $25,000 to one related creditor.

However, administrator Thyge Trafford-Jones has recommended that the corporation be placed into liquidation following “significant deficiencies” in its bookkeeping and potential investigations into questionable director conduct.

A report into the operation of the company, authored by Mr Trafford-Jones, notes that concerns have been raised about its financial management.

“We have been advised by the company’s external accountant that a former officer of the company may have previously acted dishonestly and/ or fraudulently whilst exercising their powers and discharging their duties,” he wrote.

“It is our opinion, given the size and operations of the company, the company’s books and records received to date are not adequate ... as they do not adequately record the financial transactions of the company or allow for true and fair financial statements to be prepared.”

Mr Trafford-Jones said his opinion was backed by the company’s auditor.

He said the auditor noted there were “significant deficiencies” in financial documentation.

The corporation, which manages the land between Dalby and St George in western Queensland, went into administration this month owing $20,000 to the Australian Taxation Office.