Staff reporterNovember 22, 2017
A joint construction company venture in Brisbane between the Chinese government-owned construction giant China Railway Construction Group’s and construction company Rimfire Constructions has collapsed.
The joint venture formed by the two parties, CRCG-Rimfire Pty Ltd has been placed under voluntary administration, the Courier Mail reported last week.
Fairfax Media reported Grant Thornton has scheduled the first creditors meeting for Monday.
It was a big disappointment for the world’s third largest construction company, according to a media statement by the company.
“Unfortunately, the appointment of an administrator to Rimfire Constructions (Qld) Pty Ltd being the subsidiary of our joint venture partner, Rimfire Constructions Pty Ltd in September has now had a flow-on impact on the joint venture company, CRCG-Rimfire,” the company said,
“CRCG wishes to be a productive, long-term participant in the Australian construction industry.”
Rimfire Constructions was previously led by former Lendlease head of apartment construction Adam Moore and Danny Cain.
In a report to the creditors of Rimfire Constructions, Mr Cain said Rimfire’s troubles were caused by CRCG’s refusal to pay for expenses incurred by…