Place your bets: How one of our biggest super funds just took a $100m punt on Star
Superannuation fund Australian Retirement Trust has bought a 5 per cent, or about $100 million, stake in the troubled Star Entertainment.
A recent aerial view of the Queens Wharf project under construction. (Image: Queens Wharf)
ART, which has a mantra of being a “force for good”, bought 58.8 million shares in the company which has been rocked by allegations of money laundering and allowing well known criminal underworld figures use its Gold Coast casino.
The company is also a joint venture partner in the Destination Brisbane consortium that is building the $3 billion Queen’s Wharf project in Brisbane.
ART is a merger of Sunsuper and QSuper, a fund that is heavily weighted with Queensland public service money.
The State Government recently hit the casino group with $100 million fine recently over findings in a special inquiry into allegations of money laundering.
After the merger ART chief executive Bernard Reilly said the fund would have an active, but quiet role in shaping the world as a force for good, working as an activist behind the scenes.
Because no one can have more than a 10 per cent stake in Star, ART’s investment gives it a powerful voice.
