Published on October 14th, 2021 | by Newt Rayburn0
What Is A Recognition And Settlement Agreement
For example, Gunaikurnai`s settlement included $12 million in financing agreements to support TOGE`s early operations and for other purposes. Ten million dollars of this capital were used in trust, with interest intended to finance the company`s future operations. [Footnote 53] As part of the Dja Dja Wurrung settlement, $8.25 million was allocated to keep the agreement in force. This included $5 million to be held in trust; $3.25 million provided to the Corporation over three years for “economic development purposes” and an additional $900,000 through a grant funding agreement to support the Corporation`s “entrepreneurial capacity” and employ employees. [Footnote 54] While these amounts may seem substantial, the financial costs of setting up a TOGE, hiring staff, meeting regulatory requirements, implementing the agreement, and meeting community expectations can be considerable. Traditional owner businesses we spoke to reported a number of financing issues, both in terms of the initial resources provided to businesses and financing to support their continued sustainability. This is discussed below. These two companies were contacted as they are the only groups to have reached an agreement with the Victorian government under the Tos Act. This allowed them to discuss their experiences both during the process and after billing. The representatives we met spoke about the aspirations of their communities. They highlighted what their communities considered most important: the expropriations caused by colonization and the devastating and lasting effects it had on their people.