(Photo: Wikimedia Commons)
Simon Finnigan, an unlicensed financial planner and Ponzi operator in New South Wales, has pleaded guilty to charges of defrauding $1.96 million from investors between 2001 and 2007.
New South Wales (NSW) Premier Barry O'Farrell announced on Tuesday that the state government will sell buildings worth over $300 million. The state will use the proceeds of the sale to begin housing infrastructure in growth areas in Sydney.
Among the edifices to be sold are government blocks in Penrith, Queanbeyan, Wollongong and Newcastle, and Bligh House and McKell building. Also on the selling block are NSW properties in Surry Hills and Parramatta.
Among the infrastructure that would be built from the proceeds are roads, sewerage and water services for new housing developments which will develop 76,000 additional units under the second tranche of the Housing Acceleration Fund in 2013.
Besides the government buildings, NSW had previously announced it would sell the desalination plant, electricity generators, Port Botany and other ports. Mr O'Farrell said he will wait until 2013 after the next NSW election when he will decide if the state would also dispose its electricity poles and wires which could raise another $10 billion to $15 billion.
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The Bligh House is the headquarters of the Department of Finance and Services, the offices of the premier and the cabinet and the Ministry of Police and Emergency Services. McKell is home to the NSW Maritime Services.
The Telegraph, in an editorial, said the premier's move is a step in the right direction to get NSW on the move.
This article is copyrighted by IBTimes.com.au, the business news leader