BRIEFS

The Supreme Court of Victoria approved a settlement that will see investors in Timbercorp fruit plantations share about $20 million. This follows the collapse of Timbercorp in 2009 and the sale of fruit trees, water rights and land.

According to the article, a further $30 million owing to forestry scheme investors has been freed, meaning that those funds are now available to be distributed to the relevant investors as part of the ongoing settlements from the 2009 Timbercorp collapse.

Secured creditors, including major banks ANZ and Westpac, will share the remaining money from the 2009 sale of Timbercorp assets. The article notes those assets generated nearly $350 million in 2009 and that about $170 million has already been distributed to secured creditors.

The top 10 insurers in Australia accounted for nearly 80% of the sector’s $2.8 billion in profit last year, showing a high concentration of industry profits among the largest players.

The article says about 23 insurers operating in Australia made a loss last year. Examples named include offshore majors Zurich and General Re, and online specialist Progressive Direct.

Insurance Australia Group’s flagship general insurance arm was the most profitable operator, returning $419.8 million according to the article.

Linc Energy’s share price rose about 28% over two trading sessions after news it was in talks with Russian billionaire Roman Abramovich. The ASX asked the company to explain the sudden leap; Linc attributed the jump to information it had already shared with shareholders at its AGM last month.

A Forge subsidiary was awarded a $105 million contract to develop a power station in Western Australia’s Pilbara region; Forge said this is the second major project for CTEC since Forge acquired it in January. Separately, former opposition leader John Hewson will join the board of oil and gas explorer Larus Energy as a non‑executive director, and outdoor retailer Kathmandu has appointed former Tesco executive Christine Cross to its board.