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Thursday, 17 October 1996
Page: 4390

Senator SHERRY —My question is directed to the Minister representing the Minister for Finance. Yesterday, in reference to Tunboa Pty Ltd, did the Minister for Finance say that he had `transferred my interest in that company to my former partner in 1986'? Why then did Mr Fahey on nine occasions declare in his declaration of pecuniary interests to the New South Wales parliament that he was a shareholder in this company? Is it true that at a doorstop earlier today Mr Fahey blamed a personal staff member for continuing to lodge Tunboa Pty Ltd as a pecuniary interest? Did Mr Fahey sign these declaration forms, or has he requested the police to investigate the possible forgery of his signature on these forms?

Senator KEMP —Senator Sherry, I think there was a touch of drama at the end of your question which I do not think was merited. I have a brief here on the particular issue raised by Senator Sherry. I am advised that Mr Fahey divested his interest in Tunboa in 1986, a decade ago, and well before he entered the federal parliament. Tunboa was a service company which was, and is, worth next to nothing.

Mr Fahey's business partner failed to amend the Australian Securities Commission entry; hence, the entry incorrectly states that Mr Fahey has an interest in the company. Mr Fahey's business partner has written to Mr Fahey confirming this. He also confirms that Mr Fahey has received no benefit from Tunboa since 1986.

Mr Fahey inadvertently forgot to remove the entry from the New South Wales parliament's registry of interests. Mr Fahey regrets that he overlooked removing the entry from the New South Wales registry of interests. Everything Mr Fahey said in his letter to the PM yesterday stands today. That is the entirety of the matter.

Senator SHERRY —Madam President, I ask a supplementary question. Senator Kemp, given your detailed knowledge of Mr Fahey and Tunboa, is it a fact that only yesterday Mr Fahey resigned as a director of Tunboa Pty Ltd?

Senator KEMP —I have nothing to add to the answer I have given.