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To quote the article though: > Harvey Norman repaid all the wage subsidies for its “controlled entities” The businesses that were claiming the cash were the f
by tim-- 5y ago
To quote the article though:
> Harvey Norman repaid all the wage subsidies for its “controlled entities”
The businesses that were claiming the cash were the franchisees of Harvey Norman. Not the publicly listed company (and it's owned subsidiaries). It could well be that those franchisees were indeed justified in claiming the Jobkeeper subsidies.
I love picking on Gerry Harvey/Harvey Norman us much as the next guy, but this time it is unwarented. Pick on the plenty of other ASX (publicly) listed companies that used the money, didn't repay, and still dished out dividends to their shareholders.
https://www.theguardian.com/australia-news/2021/dec/07/less-than-6-of-42bn-received-in-jobkeeper-repaid-by-asx-listed-companies-asic-reveals https://www.theguardian.com/australia-news/2021/dec/07/less-...
For example, Premier Investments (ASX: PMV) received $87m over two years, paid back $15.6m. In that period, they paid out $1.04 per share of dividends! They have as of writing 158.99M shares outstanding, so why did Just Jeans, Smiggle and Jay Jays need Jobkeeper? All that cash went straight to the shareholders pockets.