PARLIAMENTARY inquiries are likely over concerns that Australian bidders were "dismissed" from the running for Cubbie Station.
That the Australian offers were unconditional, while the winning Chinese bid was subject to finance, is also under scrutiny.
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The revelations raise questions about whether the sale complies with Section 420A of the Corporations Act, which requires the sellers of broken businesses to take reasonable care in getting the greatest return for investors and shareholders.
Cubbie's former owners, the Stevenson and Brimblecombe families, had offered more than $250 million, according to Cubbie chairman Keith De Lacy.
The Weekly Times understands two others made offers of $250 million or more. The Chinese bid was $230 million.
Nationals MHR George Christensen, a member of the House Standing Committee on Agriculture, has officially requested the committee complete an inquiry into the Cubbie sale.
"Both Treasury and the Foreign Investment Review Board were aware that potential Australian purchasers were being denied access to the financial accounts of Cubbie Station, putting them out of the running," Mr Christensen said.
Nationals Senate leader Barnaby Joyce (pictured) demanded to know why the Australian bids were "dismissed".
"We're told (during Senate committee evidence) that Section 420A is very hard to enforce. Why have these laws if we can't enforce them?" Senator Joyce demanded.
"If there was a superior bid by an Australian enterprise, why wouldn't that be in the national interest?"
Administrator McGrathNicol referred questions to public relations firm Kreab Gavin Anderson.
KGA supplied a statement quoting deed administrator John Cronin.
Mr Cronin said the sale provided certainty to Cubbie and its employees and was "in accordance with the foreign investment decision of the Australian Federal Treasurer".
A spokesman for Treasurer Wayne Swan said "the sale of Cubbie is ultimately a matter for the administrator following commercial negotiations.
"It is not a decision for the Government."