Shareholder update - LWMP update – court orders transfer of trust - 29 February 2024

LWMP update – court orders transfer of trust

The Supreme Court of NSW has today approved Murray Irrigation Limited (MIL) being substituted as trustee of the Land and Water Management Plans (LWMP).
 
On application from MIL, Justice Hmelnitsky ordered that Riverina Sustainable LWMP Pty Ltd (Riverina Sustainable) be appointed as the replacement trustee.
 
Riverina Sustainable is a corporate trustee established specifically to administer the 2022 LWMP. Its membership consists of each of the five local landholder associations (LHAs) and local practicing accountant, Peter Mogg, as its first director.
 
MIL holds approximately $7.6M in LWMP funds. The company has now commenced the process to transfer those funds, less its legal costs, to Riverina Sustainable.
 
“The LWMP matter has been a legacy issue for well over a decade,” MIL Chair Phillip Snowden said.
 
“We now have a pathway to maximise these funds for the benefit of the region – under the guidance of the LHAs and their members.
 
“It’s great for the community in general to finally see this issue resolved.”
 
The 2022 LWMP established a LWMP Advisory Committee (LAC). Its membership consists of representatives from the five local LHAs. 
 
The LAC is responsible for developing actions and plans for the implementation of projects in accordance with the 2022 LWMP. Eligible projects will be submitted to Riverina Sustainable, as the trustee of the funds, for approval.
 
The LAC intends to provide more information about its project identification and approval process in coming weeks, including development of a dedicated website. If you have any queries in the interim, please contact your local LHA representative.
 
A copy of Justice Hmelnitsky’s orders and reasons is available here.