Nahan gives in and sells shares
Treasurer Mike Nahan yesterday caved to Opposition pressure over conflict of interests concerns, announcing he would divest his shareholdings in four publicly listed companies.
Dr Nahan weathered attacks in Parliament yesterday over telecommunications, insurance and mining interests he chose not to offload along with a host of others he sold in April 2013 on joining Cabinet, but brushed off calls he should resign.
In the latest conflicts flashpoint to hit the Government, Premier Colin Barnett repeated his desire for his ministers to sell all shareholdings but backed Dr Nahan as an "honourable person" who "hasn't been a member of Parliament for all that long".
Dr Nahan, who was elected in 2008, became Finance and Energy Minister in March 2013 and swapped Finance for Treasury a year later, said he would soon sell his shares in Telstra, QBE Insurance and gold miners Medusa Mining and ABM Resources.
But he told Labor they were "muckraking" for suggesting the shareholdings - which he declared as part of his self-managed superannuation fund - had created any actual, potential or perceived conflicts.
Last May, Dr Nahan announced as Treasurer $45 million over four years for stage two of the regional mobile communications project to build phone towers in the bush.
Telstra had provided 113 towers under stage one and went on to win a competitive tender run by the Commerce Department for the stage two contract.
December's mid-year Budget review revealed an extension of a risk-sharing arrangement with QBE to underwrite losses resulting from failing home building businesses, with the insurer to give the State a share of premiums collected.
Labor's government accountability spokeswoman Rita Saffioti said as Treasurer Dr Nahan had overarching responsibility for every financial decision binding the State, yet retained shares in companies which clearly had dealings with the Government.
Dr Nahan said he had not been the decision-maker on RMCP stage two and played down QBE's involvement in home indemnity insurance.
The gold firms, while having offices in Perth, did not mine gold in WA and would not be affected by any increase to royalties, currently being considered by the Government.
"I'll sell my shares," Dr Nahan said.
"I can't allow the people opposite (Labor) to throw muck."
