Media statement
Equity Trustees acted in breach of its duties prior to the purchase of the El Caballo properties
South West Aboriginal Land and Sea Council demands $21 million in compensation for the loss Equity Trustees incurred
The Commission has given Equity Trustees and SWALSC to 15 September 2025 to provide submissions as to the appropriate restoration sum
Equity Trustees, as trustee of the Noongar Charitable Trust, purchased the El Caballo properties in Wundowie for $12 million in 2020.
It subsequently spent $5 million of Trust funds on maintenance, lawyers, and consultants.
The Trustee sold the El Caballo Lifestyle Village for $4 million in 2023 and it tried and failed to sell the El Caballo Resort. The Resort is in a severely dilapidated condition and is probably worthless.
There is therefore a loss of $13 million on the purchase and resale of the properties.
In addition, if the funds had remained in the Trust’s investment pool they would have grown by $8 million, so the Trust has lost $21 million through this episode.
The Noongar Charitable Trust supports Aboriginal Community Controlled Organisation projects that offer direct benefit to the Noongar community.
In February 2023, South West Aboriginal Land and Sea Council (SWALSC) referred the matter to the Western Australian Charitable Trusts Commission, requesting an investigation into Equity Trustee’s acquisition of the El Caballo properties.
In his report, the Ombudsman Western Australia has recommended Equity Trustees compensate the Noongar Charitable Trust estate for the loss that occurred due to its breach.
SWALSC CEO Vanessa Kickett said:
“Our focus has been to shine a light on this injustice for our Noongar People.”
“Our Noongar People must be compensated for this financial loss.”
“This is not a matter for negotiation. Equity Trustees must make good the loss in full."
"Equity Trustees must pay $21 million in compensation for the loss it has caused our Noongar People by their imprudent purchase of the El Caballo properties.”
Download: SWALSC media statement (PDF 117KB)