CLP breaks promise for members to divest all shares, according to latest register of interests

In February at the height of Chansey Paech’s Metcash Ltd scandal, the now Chief Minister Lia Finocchiaro gave an iron-clad commitment her MLAs would divest their shareholdings – but some members didn’t get the message.

Chief Minister Lia Finocchiaro made an iron-clad guarantee in February all her members would divest their shares – but it hasn’t happened. Picture: Pema Tamang Pakhrin

The Country Liberal Party has broken a rolled-gold promise by Chief Minister Lia Finocchiaro that all her parliamentarians would divest any and all shares held by them.

Ms Finocchiaro’s promise, issued at the height of the scandal surrounding then Deputy Chief Minister Chansey Paech’s acquisition of shares in Metcash Ltd, was stark.

This masthead ran her promise on February 17 under the headline ‘CLP members will divest all shares – see who owns what’.

“Despite not having a requirement to do so, the CLP is divesting all shares to show Territorians that we are ready to take government in August,” Ms Finocchiaro said at the time.

However, according to the latest batch of members’ statements, which will be formally tabled next March, but can be viewed in-person currently, a number of CLP members have caused their leader to breach her promise.

According to the statements, Wanguri MLA Oly Carlson holds Commonwealth Bank shares, while Education Minister Jo Hersey holds shares in Telstra and Bendigo Bank.

Casuarina MLA Khoda Patel and Multicultural Affairs Minister Jinson Charls both hold shares in foreign entities, in Mr Charls’ case, two Indian banks.

Education Minister Jo Hersey said she is in the process of divesting shares in Telstra and Bendigo Bank. Picture: Pema Tamang Pakhrin

Whether or not Deputy Chief Minister Gerard Maley holds any shares, and if he does whether they have been divested, is impossible to know due to his use of trusts.

His statement records he is the “potential beneficiary” of three trusts: Maley Property Trust, Maley Property Trust Number 1, and Two Up Trust.

All three trusts are recorded as “investment” trusts.

Mr Maley’s most recently tabled disclosure from March 2024 recorded the Two Up Trust’s investments as including “land, cattle, gold mining, industrial land” – suggesting he held, at the very least, shares in gold mining prior to Ms Finocchiaro’s promise.

Mr Maley is the current Mining and Energy Minister and issued a statement last month talking up gold mining in the Territory after “global mining giant” Pan African Resources acquired Tennant Consolidated Mining Group.

Under Northern Territory Cabinet rules, ministers are barred from holding shares in companies relevant to their portfolio.

No ministers or MLAs are accused of breaching the rules, only their leader’s promise.

Whether Deputy Chief Minister Gerard Maley continues to hold shares is a mystery due to his use of investment trusts Picture: Pema Tamang Pakhrin

In a carefully worded statement, Mr Maley’s spokesman said the minister had “divested shares that are a conflict with his portfolios as is appropriate” – a formulation that leaves ajar the possibility of the trusts retaining shares that are not in conflict with his responsibilities in defiance of his leader.

Ms Hersey said although the Telstra and Bendigo shares did not conflict with her portfolio, she was “currently in the process of divesting my shares”.

Asked about the broken promise on ABC Radio Darwin on Tuesday morning, Ms Finocchiaro said “most people” had divested and affirmed Ms Hersey’s position that her minister’s shares were “not within her purview” – although she didn’t directly address the question of whether trust had been breached.

Opposition Leader Selena Uibo said Ms Finocchiaro had been mendacious.

“Prior to the election, Lia Finocchiaro told Territorians what she thought they wanted to hear, promising integrity and transparency,” she said.

“It turns out this was just another lie by Lia to get elected.

“Fast-forward 10 months and we find out that multiple CLP ministers absolutely hold shares.

“It is an appalling breach of trust with Territorians.”