5 years ago
LABOR CALLS FOR AN INVESTIGATION INTO POSSIBLE BANKING ROYAL COMMISSION REPORT LEAK
CLARE O’NEIL MP
Labor has written to Dr Martin Parkinson AC PSM requesting an investigation of the possible leak of the Final Report of the Royal Commission into the Banking, Superannuation and Financial Services Industry.
Scott Morrison and the Liberals received the Hayne Report on Friday 1 February. Instead of releasing the report, they held onto it until after 4pm on Monday 4 February 2019. The Liberals guaranteed the Australian people this report and its price sensitive contents would not leak during this time.
Deeply concerning reports have emerged that approximately 11am on Monday traders plunged a half a billion dollars into bank shares. This investment reportedly turned an incredible $22 million profit within just 24 hours.
A professional fund manager quoted in a report yesterday by respected economic commentator Michael Pascoe concludes that this is a clear case of insider trading, saying, “any alternate explanation is fanciful”.
When asked on ABC’s 730 program on Monday evening whether third parties were provided advance notice of the contents of the Hayne Report, Josh Frydenberg replied:
“Absolutely not. There was a lock-up and there were security guards around Parliament House. There was obviously Treasury officials and it was very, very closely monitored.”
Given this activity on the ASX occurred a few hours before the lock up started, Labor is concerned about the possibility that the Final Report may have been leaked by a Ministerial Office, a Minister or a member of the Australian Public Service prior to its publication.
The Liberals never wanted this Royal Commission to happened. They voted against it 26 times, and spent over 600 days running a protection racket for the big banks. They simply cannot be trusted to clean up this sector.
Labor called for the Royal Commission, Labor fought for the Royal Commission, and Labor will fight day and night to protect Australian customers and businesses from misconduct in this sector.
Scott Morrison and the Liberals received the Hayne Report on Friday 1 February. Instead of releasing the report, they held onto it until after 4pm on Monday 4 February 2019. The Liberals guaranteed the Australian people this report and its price sensitive contents would not leak during this time.
Deeply concerning reports have emerged that approximately 11am on Monday traders plunged a half a billion dollars into bank shares. This investment reportedly turned an incredible $22 million profit within just 24 hours.
A professional fund manager quoted in a report yesterday by respected economic commentator Michael Pascoe concludes that this is a clear case of insider trading, saying, “any alternate explanation is fanciful”.
When asked on ABC’s 730 program on Monday evening whether third parties were provided advance notice of the contents of the Hayne Report, Josh Frydenberg replied:
“Absolutely not. There was a lock-up and there were security guards around Parliament House. There was obviously Treasury officials and it was very, very closely monitored.”
Given this activity on the ASX occurred a few hours before the lock up started, Labor is concerned about the possibility that the Final Report may have been leaked by a Ministerial Office, a Minister or a member of the Australian Public Service prior to its publication.
The Liberals never wanted this Royal Commission to happened. They voted against it 26 times, and spent over 600 days running a protection racket for the big banks. They simply cannot be trusted to clean up this sector.
Labor called for the Royal Commission, Labor fought for the Royal Commission, and Labor will fight day and night to protect Australian customers and businesses from misconduct in this sector.