The fortunes of Tahmoor Colliery may be on the rise with a new owner, but the opposite seems to be the case for former owner Sanjeev Gupta.
Five months ago the mine, then owned by British industrialist Gupta, collapsed. Records showed a $427 million receivable was transferred from Tahmoor to prop up GFG’s struggling Whyalla steelworks, leaving local operations paralysed.
In June, liquidators McGrathNicol announced the binding sale of the colliery to a consortium of Singapore-based Golden Energy and Resources (GEAR) and Brisbane-based M Resources, known as GM3. Liquidators expect a full recovery for secured creditors, employee entitlements, and the state, alongside a partial return for unsecured creditors
Gupta, meanwhile, is dealing with different issues. According to the Australian Financial Review, public records show Gupta signed a second mortgage on his historic $34 million Potts Point mansion, while London’s Financial Times reported his family secured a £24.4 million (AU$46.2m) mortgage against his Belgravia mansion in London.
Gupta has also sold a Dh43.5 million (AU$16.5m) villa in Dubai and reportedly withdrawn his children from Sydney’s Scots College.
The corporate fallout has now collided with state politics in the NSW Supreme Court. Liquidators recently won permission to widen their claims against Clydesdale Engineering, a UK-based entity representing Gupta’s interests that is attempting to maintain a claim over a $US20 million advance to Tahmoor.
Clydesdale’s lead barrister in these proceedings is Alister Henskens SC, the NSW Liberal MP for Wahroonga, the AFR revealed. Henskens, is a practising barrister, popped up in the liquidation to represent Gupta’s interests in court.
Interestingly, Henskens serves as the Coalition’s Shadow Minister for Government Accountability and Shadow Special Minister of State.
Being a Liberal MP while appearing as a barrister for a private client isn't, by itself, evidence of a conflict or impropriety. Neither Henskens nor Gupta has been accused of wrongdoing, and The Pulse does not suggest otherwise.
Mt Ousley facts and figures
The $402 million Mount Ousley Interchange project reaches a major milestone this weekend with its third and final scheduled full road closure from September 4 to 7.
Infrastructure crews have already logged over 650,000 work hours since late 2024, laying 12,600 tonnes of asphalt and deploying 10.5km of temporary barriers across the site.
Structural momentum is accelerating, with two bridges completed, two under construction, and 10 Newcastle-manufactured precast concrete girders, each measuring 36.95 meters and weighing 84.5 tonnes, set for delivery later this year. Site rehabilitation is tracking parallel with engineering, featuring 15,000 square metres of overall landscaping and 1200 square metres of native planting along Dumfries Avenue.
The freight corridor upgrade remains on track for completion in 2028.
Cool down as it heats up
Wollongong’s much-loved Continental Pool is open again after a month-long shutdown dedicated to critical maintenance.
Surface works at the ocean site included repainting the deck and pool shell, refreshing signs, and carrying out structural repairs to the concourse and fencing. Specialist divers undertook essential underwater operations to repair the southern intake pipe and have started replacing the broken northern line for the nearly century-old asset.
Offshore pipe repairs are ongoing, while regular cleaning will shift to Wednesdays once the official summer season launches on September 26. The winter works program also covers Dapto, Corrimal, Berkeley, Helensburgh, Western Suburbs, Port Kembla, and Thirroul pools, with all regional facilities set to open late September.
Big ticket
The Creative Wollongong Short Film Festival was so impressive it recently won Wollongong City Council a highly competitive category at the Local Government Week Awards 2026. So getting a second chance to take it all in after that sellout night back in March makes good sense.
That’s happening this weekend - presented by Wollongong City Council in partnership with Screen Illawarra. It starts at Warrawong’s Gala Cinema on Saturday, September 5 at 5pm and is selling fast. It’s free and you can grab a ticket here.
Between our ears
Good Bad Billionaire. Thank you BBC World Service (and the ABC’s Listen app). From MrBeast to Roger Federer to Selena Gomez, Martha Stewart and Elizabeth Holmes - there’s 104 episodes to choose from. Once the super-rich listers’ path is revealed, the hosts then rank them on five factors: fortune, power, economics, ambition and moral responsibility. Fascnating - and a bit fun. Find it where you get your podcasts.