It’s Christmas, so politicians are once more agitating for the government to take over billionaire Cheng Ye’s 99-year lease over the port of Darwin – a 2015 deal so labyrinthine it confused even law firm Corrs Chambers Westgarth.
It’s easy to misunderstand. At first sight Cheng’s Landbridge Infrastructure Australia has had another howler, reporting a $50.5 million pre-tax loss for its 2020 financial year operating the port.
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Neil Chenoweth is an investigative reporter for The Australian Financial Review. He is based in Sydney and has won multiple Walkley Awards. Connect with Neil on Twitter. Email Neil at nchenoweth@afr.com.au
