The Treasury FOI Responses

Listed below is a log of selected responses received from The Treasury under the Freedom of Information Act 1982.

FOI Response dated 8 July 2011 {Treasury Ref: ER2011/02344 & ER2011/02893}

This request was for copies of the written disclosure notices required under Section 123 of the ASIC Act 2001 to each Responsible Minister from the former Chairman of ASIC from 19 December 2007 when Mr D’Aloisio acquired a direct pecuniary interest in Oakridge Wines Pty Ltd until 12 May 2012 when Mr D’Aloisio’s 4 year term as Chairman expired.

Section 123 requires each Responsible Minister to be notified if the Chairman (or other Commissioners) of ASIC either acquires or holds a direct or indirect pecuniary interest in a body corporate such as Oakridge Wines Pty Ltd.

The Treasury identified correspondence described as “correspondence regarding a private investment” dated 17 January 2008 from Mr D’Aloisio to the Minister who was then the Responsible Minister for ASIC, Senator, the Hon Nick Sherry.

The Treasury would not release a redacted version of this correspondence so it is unclear what the “private investment” referred to actually was.

The Hon Chris Bowen MP and the Hon David Bradbury MP followed Senator Sherry as the Responsible Ministers for ASIC until the time Mr D’Aloisio departed ASIC.

The Treasury was unable to find any six monthy disclosure notices to either the Hon Chris Bowen MP or to the Hon David Bradbury MP disclosing Mr D’Aloisio’s ongoing holding of a direct pecuniary interest in Oakridge Wines Pty Ltd. {ASIC was also unable to find any copies of these required disclosure notices}.

It is a “sacking offence” under Section 111 of the ASIC Act 2001 for a Chairman (or Commissioner) to fail to comply with Section 123 of the ASIC Act 2001 without a reasonable excuse for doing so.

FOI Response dated 2 March 2012 {Treasury Ref: ER2012/00228}

This request was for copies of the written disclosure notices required under Section 123 of the ASIC Act 2001 to each Responsible Minister from the incumbent Chairman of ASIC, Mr Greg Medcraft from the time he joined ASIC as a Commissioner until 13 January 2012.

The Treasury was able to identify the following disclosure notices from Mr Medcraft to the following Responsible Ministers:

To the Hon Chris Bowen MP dated 30 July 2009 (3 pages)

To the Hon Chris Bowen dated MP 17 February 2010 (3 pages)

To the Hon David Bradbury dated MP 21 October 2010 (8 pages)

To the Hon David Bradbury dated MP 4 April 2011 (3 Pages)

To the Hon David Bradbury dated MP 13 October 2011 (3 pages)

So Mr Medcraft was able to comply with his disclosure obligations under Section 123 of the ASIC Act 2001 to both the Hon Chris Bowen MP and the Hon David Bradbury MP by providing 6 monthly disclosure notices, yet Mr D’Aloisio failed to provide any disclosure notice disclosing his holding of a direct pecuniary interest in Oakridge Wines Pty Ltd to either Mr Bowen or Mr Bradbury until his departure from ASIC on the 12 May 2011.

It is a “sacking offence” under Section 111 of the ASIC Act 2001 for a Chairman (or Commissioner) to fail to comply with Section 123 of the ASIC Act 2001 without a reasonable excuse for doing so.

Also refer to FOI Response from ASIC dated 18 May 2012 {ASIC Ref: CLO2012/10260} also confirming no disclosure notices were provided by Mr D’Aloisio to The Hon David Bradbury MP from 14 September 2010 to 13 May 2011.

Fairfax Media published an exposé on the private business affairs of the former Chairman of ASIC entitled “The Watchdog, his wife and their winery” on 31 March 2011.

Mr Stephen Yen, special counsel for ASIC told the Fairfax reporters that: “the chairman had made all the appropriate disclosures to the Minister regarding the Oakridge acquisition”.

However it is a requirements under Section 123 of the ASIC Act 2001 for the Chairman (an other Members) to disclose their holding of a direct or indirect pecuniary interest in a body corporate or Australian business. Mr D’Aloisio failed to disclose his holding in Oakridge Wines Pty Ltd to the Hon Chris Bowen MP and to the Hon David Bradbury MP when they were the Ministers of State responsible for ASIC.

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