A building company that collapsed suddenly leaving $10 billion worth of government projects up in the air was owed $350 million by its parent company, which could be hard to recover, according to administrators.
Perth-based Clough Group went into voluntary administration earlier this month butThe Australian reported it may be difficult to recover the $350 million owed to the contractor by South African parent company Murray & Roberts.
Clough built industrial projects in the energy, resources and infrastructure sector, which has left a number of sites in the lurch including the Federal Government’s Snowy Hydro 2.0 expansion and other projects in NSW, Western Australia and Papua New Guinea.
But the company has received a welcome lifeline with administrators securing a $17.6 million deal to save most of its workforce through a part sale of its projects and assets to a company called Webuild that is a partner on the $5.9 billion Snowy Hydro 2.0 project.
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