The Registrar of Indigenous Corporations, Selwyn Button, has today placed the Townsville Aboriginal and Torres Strait Islander Corporation for Media under special administration.
Also known as ‘4K1G’, the corporation was established in 1982 to promote and broadcast Indigenous news and music and raise awareness of social, political and cultural issues amongst the broader community. The corporation transferred its registration to the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act) in 2016.
In March 2021, an examination of the books of the corporation identified serious concerns with respect to the solvency and financial viability of the corporation, amongst an array of breaches of the CATSI Act and the corporation’s rule book. After the findings were raised with the board, a majority of directors requested that a special administrator be appointed.
‘The board acknowledged the financial issues and the serious threat to the corporation’s long-term viability’ said Mr Button. ‘From a governance perspective, the corporation is also in jeopardy. In the past 12 to 18 months, the corporation failed to hold an annual general meeting, to present audited financial statements to members, and to meet its obligations to report to ORIC. Put simply, it has lacked good governance and accountability.’
The corporation is under special administration until 17 September 2021. Mr Neil Michel and Mr Mark O’Shea from Enmark Pty Ltd are the special administrators.
Lisa Hugg 0477 762 290
14 June 2021