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The Guardian - AU
The Guardian - AU
National
Benita Kolovos

Victorian government could lose $10m it invested in collapsed scrap metal recycler

Tim Pallas Jacinta Allan Guardian Australia
Victorian treasurer Tim Pallas and now premier Jacinta Allan
Victorian treasurer Tim Pallas and premier Jacinta Allan. The government will likely lose $10m after Pacific Metal Group collapsed. Photograph: Con Chronis/AAP

The Victorian government is set to lose millions of dollars it invested in a scrap metal recycling company, after the business went into administration earlier this year.

The Victorian Business Growth Fund investment in Pacific Metal Group, reportedly worth $10m, will probably be lost after the company collapsed in January after a fire at its scrapyard in Laverton North.

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