Queensland government awarded $15m contract to cybersecurity firm despite financial red flags, review finds
By
Liam Walsh
Crispy enough to crunch, soft enough to enjoy. A good bake.
Summary
Queensland's former Labor government awarded a $15 million contract to cybersecurity company Cryptoloc Holdings despite multiple red flags, including unverifiable financial records and adverse credit events linked to the company's founder. The contract was awarded in the final days of the Miles government and ultimately failed. A taxpayer-funded review uncovered these irregularities, raising concerns about political connections influencing the decision.
Key quotes
· 3 pulledQueensland's former state government awarded an ultimately doomed $15 million contract to a politically connected cybersecurity company despite a host of red flags, a taxpayer-funded autopsy of the decision reveals.
The red flags included the winning company, Cryptoloc Holdings, submitting financial records supposedly from an accountant that auditors could not find records of.
And the contract was awarded even after a credit-check agency warned bureaucrats of two adverse events linked to the company's founder, technology evangelist Jamie Wilson.
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