Former Federal Ageing minister, Santo Santoro, gave financial backing to a $41 million capital-raising by a Brisbane property developer two weeks after the group announced the roll-out of 10 retirement villages.
Senator Santoro admitted last week to acting as a sub-underwriter for capital raisings associated with 14 companies including Watpac, which in May last year announced it would develop 10 retirement villages "from North Queensland to Ballina" in NSW with investment bank Babcock & Brown.
The capital-raising, just four months after Senator Santoro's appointment to the ministry, was announced two weeks later. Watpac sought $41.2 million to fund its push into NSW and diversification into retirement villages.
