CLP members commit to divesting all shares after Chansey Paech scandal – see who owns what

Opposition leader Lia Finocchiaro has made a rolled gold commitment that her colleagues will divest themselves of all shareholdings “despite not having a requirement to do so”. See who owns what.

Lia Finocchiaro. Picture: Pema Tamang Pakhrin

Opposition leader Lia Finocchiaro has made a rolled gold commitment that her parliamentary colleagues will divest themselves of all shareholdings “despite not having a requirement to do so”.

Elected members’ shareholdings have come roaring back onto the political agenda in the wake of revelations Deputy Chief Minister Chansey Paech purchased shares in food and alcohol distributor Metcash just two months before bans in Central Australian town camps lapsed.

Ms Finocchiaro said the Labor government was in the midst of an “integrity crisis”.

She committed elected CLP members to divesting themselves of all shareholdings.

“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,” she said.

It was not immediately clear whether the commitment extended to shares held by spouses or de facto partners.

Mr Steve Edgington MLA, Member for Barkley, Budget Estimates 2023 at Parliament Darwin. Picture: Pema Tamang Pakhrin

Analysis of the most recent statement of registrable interests, which was tabled in the Legislative Assembly on March 30 last year – the register is published annually in March – found four out of seven CLP members would be affected by Ms Finocchiaro’s pledge, including the leader herself.

Barkly MLA Steve Edgington, Braitling MLA Joshua Burgoyne, Nelson MLA Gerard Maley and Ms Finocchiaro all possessed shares as at March 30, 2023.

According to the register, Ms Finocchiaro held shares in Telstra, while her husband Sam Burke, the son of former NT chief minister Denis Burke, held significantly more shares.

Gerard Maley, MLA for Nelson. Picture Julianne Osborne

According to the register, Mr Burke possessed shares in gas giant Santos, Telstra, Western Australian gold miner Bardoc Gold Ltd (which was brought out by St Barbara Mining Ltd in a deal worth about $157m), lithium miner Xantippe Resources, biotech companies Imugene and Alterity Therapeutics, and exploration outfit TNG Ltd (now Tivan).

Mr Burgoyne has interests in North American automotive firms Rivian Automotive Inc and Electrameccanica Vehicles Corp, both of which trade on the NASDAQ.

Mr Edgington has invested in Arafura Rare Earths, Santos and Origin.

He also holds shares in Edgington Newman Pty Ltd, which acts as trustee for the Edgington Newman Trust.

Mr Edgington’s wife Nicci holds shares in Santos, Origin, and Edgington Newman.

Finally, Mr Maley holds shares in Ammarula Pty Ltd and Duplux Pty Ltd, which acts as trustee for the Duplux Unit Trust.

Both of these companies are Australian private companies.

Mr Maley is also the beneficiary of the Two Up Trust, described as an investment trust investing in “land, cattle, gold mining [and] industrial land,” and Ballanday Pty Ltd as trustee for the Maley Property Trust, which invests predominantly in land and farming.