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25/11/2009

Water broker warns against water allocation ‘parking’

National water broker Waterfind has issued a cautionary note to irrigators on the practice of ‘parking’ water allocations on another irrigator’s licence.

Waterfind chief executive officer Tom Rooney says a practice has emerged where some irrigators ‘park’ their water allocation on another irrigator’s licence.

“Unfortunately, some irrigators are placing themselves at considerable risk by ‘parking’ their allocation onto another person’s licence,” he said.

“The practice of creating these de facto trusts especially when many of these arrangements are undocumented is high risk.

Rooney warned the transferring irrigator could entirely lose their allocation or be at risk of expensive litigation due to a myriad of factors including the death, dishonesty, change in circumstances or financial stability of the receiving irrigator.

“Why trust someone else with the legal ownership of your water asset when you can own them yourself?” he said.

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