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Tuesday, 3 May 1994
Page: 37

Senator MICHAEL BAUME —I give notice that, on the next day of sitting, I shall move:

  That the Senate—


      (i)the notification by the Prime Minister (Mr Keating) on 31 March 1994 that for an undisclosed sum he had `disposed' of his $430 100 half-ownership of his technically bankrupt piggery group to the other half-owner, Mr Achilles Constantinidis,

      (ii)that the Brown and Hatton piggery and refrigeration group's liabilities had far exceeded its realisable assets by August 1992, as revealed by the credit committee of the Commonwealth Bank, and that this situation has been further worsened by subsequent multi-million dollar losses incurred by the group during his half-ownership, making his piggery holding company, Brown and Hatton Group Pty Ltd, not only worthless but having a substantial negative worth, contrary to the false claim made by Mr Keating on 24 March 1994,

      (iii)that the Prime Minister's failure to reveal whether he avoided suffering a loss on the disposal of this disastrous investment raises the question of what kind of obligations he is under to his rescuer or whether he was at all times protected from the risk of loss on this investment, no matter what happened to the piggery group or its creditors, by a secret benefactor, and

      (iv)that having a Prime Minister under such an obligation provides an intolerable potential for conflict of interest; and

    (b)calls on the Prime Minister to reveal the full and accurate details of the nature of his investment in his half-owned piggery group and the terms of its disposal.