Rescue of 4K1G radio needs more time

The Acting Registrar of Indigenous Corporations, Mr Gerrit Wanganeen, has extended the special administration of the Townsville Aboriginal and Torres Strait Islander Corporation for Media until 18 March 2022.

Known in Townsville and beyond as ‘4K1G’, the corporation was placed under special administration on 14 June. An examination of its books found serious issues with respect to its solvency and viability, as well as an array of breaches of both the Corporations (Aboriginal and Torres Strait Islander) Act 2006 and the corporation’s own rule book.

The corporation’s financial position was dire and further time is required to restore a strong financial base. ‘The special administrators have improved 4K1G’s money story and the intention is to hand the corporation back to the members as a solvent and viable business’, Mr Wanganeen said. ‘To generate more working capital, they are looking at possibly selling some property.’

As part of the effort to generate value and diversify income streams, the special administrators have boosted the broadcast of local content. ‘Before the special administration, most content was from national sources,’ said Mr Wanganeen. ‘Now, the station is regularly broadcasting local programs and on-air interviews about matters of interest to the local community.’

Mr Neil Michel and Mr Mark O’Shea of Enmark Pty Ltd will continue as special administrators.

Background

See the Registrar’s previous media releases: 
•    Airing the issues at Townsville’s 4K1G—14 June 2021 (MR2021-20)
•    Townsville 4K1G radio station special administration extended—17 September 2021 (MR2122-03)
 

MR2122-06