Assistant treasurer Arthur Sinodinos has stood down from his position in the face of a NSW Independent Commission Against Corruption’s inquiry into whether he stood to make up to $20m in a business deal before he entered parliament.
He told the Senate: “I do not want this sideshow to be an unnecessary distraction to the important work of the government, which I am proud to serve.
“While this process is under way I will therefore be standing aside as Assistant Treasurer. I thank my colleagues for their strong support and their ongoing faith in my integrity.
“The ICAC is an important forum, the appropriate forum, for me to answer any questions in relation to this matter.”
Prime Minister Tony Abbott said Sinodinos did “the right and decent thing” and would stand aside from Government
until the inquiry had concluded.
Sinodinos was responsible for the Future of Financial Reforms and undid many of the reforms the previous government put in place including removing the amendments to the Best Interest Duty provisions.
He was also charged with overseeing the 'Son of Wallis' investigation, chaired by former CBA chief David Murray.