Attorney-General Mark Dreyfus.

Attorney-General Mark Dreyfus.Credit:Eddie Jim

The attorney-general’s register of members’ interests reveals he holds shares through his self-managed superannuation fund in Greencape Wholesale Broadcap fund,which is the largest shareholder in Omni Bridgeway,a company that bills itself as the “global leader in litigation financing” – which last week issued a statement welcoming a draft law introduced by Dreyfus.

Dreyfus insisted he had complied with the code of conduct “at all times”,but agreed he would look at the matter,after he was quizzed in parliament on Thursday by Deputy Opposition leader Sussan Ley.

Under section 3.11 of Prime Minister Anthony Albanese’s code of conduct,ministers are allowed to hold shares in superannuation or managed indexed funds,however,only “where the funds or trust does not invest to any significant extent in a business sector that could give rise to a conflict of interest with the minister’s public duty”.

It is not known how many Greencape shares Dreyfus’ fund holds but Greencape has a 9 per cent stake in Omni Bridgeway – worth about $100 million. Dreyfus’ investment in Greencape was listed in his members’ declaration on August 18,2022.

On September 2,15 days after Dreyfus declared his shareholding,he and assistant treasurer Stephen Jones released draft regulations that would “unwind the previous government’s unfair treatment of class action plaintiffs”.

Three days later,Omni Bridgway released an ASX announcement that welcomed the federal government’s announcement,but also noted the regulations “will not have a material impact on the group’s business”.

Dutton called on Albanese to order Dreyfus to divest his shares to uphold the standard of integrity he promised to bring to the 47th parliament,questioning the veracity of the attorney-general’s account.

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“Has this detail escaped him up until this very moment?” Dutton said. “Is that a credible account of his position? Is it a credible account of his own interests,his own investments?

“He’s been attorney-general,he’s occupied that office before and,Mr Speaker,he’s telling this house that his significant investment in a company that he knows a great deal of detail about,that somehow,he’s come to this chamber today for the first time to be surprised by the revelations which we have laid out. Now the connection can’t be any clearer.”

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“We’ll let people draw their own conclusions[but] it doesn’t pass the pub test.”

Dutton said the prime minister should “either one live up to the rhetoric and take steps to actively enforce his ministerial code,including seeking formal advice from the Secretary of the Department of Prime Minister and Cabinet ... or to admit that this prime minister is in fact failing to enforce his ministerial code”.

Leader of the House Tony Burke mocked the opposition for seizing on integrity and transparency as political issues,given some former ministers had not adhered to its own ministerial code of conduct.

“Now that the government has agreed,established proper standards of integrity,proper standards to avoid conflicts of interest ... they decide that’s their big issue,” he said.

McBain,the minister for Regional Development,Local Government and Territories,has sold shareholdings in eight private companies – which she had initially transferred to her husband – since being sworn in as minister.

A spokeswoman for Kearney said the assistant minister “has now taken an additional step to commence the process of divesting her shareholdings”.

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