THREE of four council-owned companies will be wrapped up following an independent forensic audit.

The companies have been the subject of controversy and criticism with their inner workings kept secret from the public.

But new mayor Cr Andrew Antoniolli has committed to closing three out of the four companies, as well as submitting them to an audit.

The only company that will stay is Ipswich City Properties, which owns assets involved in the ongoing CBD redevelopment.

Days before the August 19 mayoral by-election, in which Cr Antoniolli defeated hot favourite Cr Tully, Queensland Raceway's CEO John Tetley penned an open letter accusing the council of using bullying and intimidation tactics in an attempt to take over the precinct.

This tactic involved setting up the company Ipswich Motorsport Park Pty Ltd, Mr Tetley alleged. At the time, the council said the company had been set up to lead the redevelopment and engage with stakeholders.

In his letter, Mr Tetley said the council's Chief Operating Officer Craig Maudsley - who was this week charged by the Crime and Corruption Commission with misconduct - first approached him on behalf of the council about taking over the track two years ago.

Mr Tetley wrote that he had repeatedly rejected the council's advances.

The Ipswich Commercial website, launched this year to boost transparency around council-owned companies.

During the election campaign, Cr Antoniolli committed to wrapping up Ipswich Motorsport Park Pty Ltd.

Former mayor Paul Pisasale, deputy mayor Paul Tully and Cr Antoniolli have all served as directors on the boards of the council-owned companies.

Mr Pisasale resigned from his director positions after his arrest in June. Cr Tully is currently chair of all four council-owned companies.

Companies to be wound up