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.