Damien Tudehope, a senior minister in New South Wales, resigned after revealing he unwittingly had shares in Transurban, the primary owner of the state’s toll highways.
On Friday, the NSW Minister for Finance and Employment Affairs disclosed that the shares were part of his family’s 2014-established diversified superannuation fund managed by financial advisers.
NSW Liberal MLC Peter Poulos resigned as parliamentary secretary on Friday after confessing to transmitting X-rated images to Liberal MP Robyn Preston, delivering the latest blow to the state government.
Premier of New South Wales Dominic Perrottet said he was informed of the disclosure on Thursday and expects legal advice from the Department of Premier and Cabinet on Friday afternoon for further assessment.
Mr. Perrottet stated, “Once I receive it, I’ll read it and consider it.”
Yet, he supported Mr. Tudehope as a “extremely honest and upright man.”
Yet, ministers have certain duties. Mr. Perrottet stated, “I will obtain and review this counsel.”
As Minister of Finance, Mr. Tudehope would have participated in discussions regarding toll exemptions for highways owned by the road operator. Transurban owns and maintains nine toll roads in New South Wales, including the M2, M4, Lane Cove Tunnel, and WestConnex.
“Had I known I held Transurban shares at the time, I would have disclosed the holding,” he told reporters on Friday.
As a consequence of correspondence I received from a journalist, I became aware of the fact that I had created those shares.
The Daily Telegraph stated on Friday that Mr. Tudehope’s family trust was worth over $65,000, with the shares having more than doubled in value since they were purchased in 2014 for $29,010.
The Minister of Finance confirmed he will sell the shares and donate the proceeds to charity.
Mr. Tudehope asserted on multiple occasions that he was uninformed of the shares until he was informed by a journalist, and he stated that his shareholding played no role in any political decision.
If I had known that my family’s retirement funds held Transurban shares, I would not have participated, he said.
It would have had no effect on Transurban regarding toll alleviation… I affirm definitely that it would not have affected their stock price.
Mr. Tudehope stated that Mr. Perrottet had been notified of the minister’s failure to disclose, and he will now determine if this violates the ministerial code of conduct.
This is the Premier’s responsibility; I have written to the Premier. He will seek counsel over his failure to disclose,’ he said.
If I had known I owned shares in Transurban, I would not have participated in talks regarding the company.
I don’t believe that an apology is necessary.
Ministers may only hold shares in a public or private enterprise or business if they can demonstrate that doing so will not “raise any conflict of interest or potential conflict of interest.”
The stocks held by pension funds must be “broadly diversified.” A minister must have “no influence over the fund’s specific investment decisions.”
As it was revealed that Mr. Poulos had forwarded an email containing explicit images of Robyn Preston modeling as a Penthouse pet in the 1980s, he came under intense pressure to quit.
The photographs were then distributed to the media as she ran for reelection in the northwest Sydney seat of Hawkesbury.
Ms. Preston would ultimately win the election, but at the time, she was a Hills Shire Council councillor and Mr. Poulos was a political aide.
Ms. Preston affirmed that there was no animosity between her and Mr. Poulos, whom she referred to as a “great mate”
She stated, “Peter rang me and personally apologised and he was very remorseful,”
“We support each other along the way in our journey in politics and in friendship.”
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