Tuesday, March 5, 2024

Logan council to wind down investment arm

Logan City Council today took the first steps towards winding down the operations of Invest Logan Pty Ltd.

Council’s Planning, Economic Development and Environment Committee carried a motion that the for-profit entity be directed towards voluntary deregistration.

The revised strategic direction follows an independent investigation into Invest Logan Pty Ltd’s future purpose and value proposition.

Council is the sole shareholder of Invest Logan Pty Ltd, which was established in 2016 to deliver a range of initiatives to contribute to the strategic and economic growth of the City of Logan and its community.

Today’s decision will be presented at Council’s Ordinary Meeting on Wednesday, March 22 for ratification.

“A range of factors have contributed to this decision, including whether the purpose of Invest Logan Pty Ltd aligns with Council’s strategic vision, challenging economic times, public interest grounds, financial and risk management performance, the entity’s objective and governance arrangements,” said Mayor, Darren Power.

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