$666,000 for Cockatoo Coal boss as workers left to wait
THREE former Cockatoo Coal executives took home a total of more than a million dollars in termination payments during the same financial year the Baralaba mine was shut down and more than 70 workers were forced to go without entitlements for three months.
Cockatoo Coal's annual report shows that former chief executive officer Peter Kane, whose employment was ended on May 27, received a $200,000 payout, while former chief financial officer David Smith was paid $239,693.
COCKATOO COAL'S WOES |
Chief development officer Todd Harrington was paid a whopping $666,105 after his employment was terminated on September 30 last year.
Cockatoo reported an after-income tax operating loss of $80,860,000 during the 2015-2016 financial year, going into voluntary administration and having its workforce ultimately reduced from 108 to 24 employees after administrators placed Baralaba mine into care and maintenance mode.
It then took three months for the sacked workers' entitlements to appear in their bank accounts.