Transfield Services Ltd and Transfield Holdings are legally distinct entities, but they are part of the same brand through which there are clear financial relationships formed.
This is why particular information is required to be disclosed in the financial statements of companies, including in this instance Transfield Services Ltd.
In the “Notes to and Forming Part of the Consolidated Financial Statement” in the most recent Transfield Services Ltd Annual Report, there are the two crucial pieces of information:
1. They show that Transfield is a brand that wants to bring value into its orbit, by quite literally, branding and trademarking it:
“Agreement for use of the Transfield brand, logo & artwork” between all Transfield named companies.
2. And the following (as quoted) from Transfield Services Ltd Annual report for the financial June2013 to June 2013, from “Notes to & forming part of the consolidated financial statements” names Luca Belgiorno-Nettis & Guido Belgiorno-Nettis as:
Joint executive directors of Transfield Holdings Pty Ltd. This means that they each indirectly control 56,049,887 … shares in Transfield Services Ltd
[see the graphic below]
Since 2010, Transfield Services (Australia) has held a series of contracts with the Australian Government’s Department of Immigration and Border Protection totalling over $340 million. A further series of contracts have been posted as ASX announcements: in February 2013 (for $175 million); and more recently an interim contract was announced at the end of January 2014, whose scope extends beyond the provisioning of services by Transfield for the Melbourne, Nauru detention centres of previous contracts to that located on Manus Island in Papua New Guinea. The details of this last contract have yet to be announced, but their reach extends beyond previous contracts to, now, “Garrison and Welfare Services.”
Put simply, Transfield’s involvement in migration detention has massively expanded in both dollar terms and scope in a very short space of time. From humble beginnings of around $40,000 for grounds maintenance in Melbourne, to contracts valued over $515 million, Transfield is now set to become the major contractor of Australia’s offshore detention centres.
1. These are the relevant Contract ID numbers, as posted on the Australian Government’s AusTender website: CN32210, CN389520, CN450779, CN1015841, CN1046331, CN11008692, CN1210852-A1, CN1684721, CN1883391.