Arthur Sinodinos Stands Down As Assistant Treasurer Pending Corruption Probe

Arthur Sinodinos stood aside as assistant treasurer while he is part of an ICAC inquiry.

Senator Arthur Sinodinos has just announced he will step down from the Abbott Government Ministry while he is appearing before a NSW ICAC investigation into Australian Water Holdings (AWH), a company linked to disgraced former NSW politician Eddie Obeid.

Senator Sinodinos will step down as Assistant Treasurer during the investigation.

“I do not want this sideshow to be an unnecessary distraction to the important work of the Government,” Sinodinos said.

Pressure had been growing for the Senator to step down after it emerged during testimony this week that he stood to make $20 million from a deal involving AWH.

Prime Minister Tony Abbott told parliament that Senator Sinodinos stood aside “for the good of the government” and that he had “done the right and decent thing”.

Earlier today, a debate over the Senator consumed more than 3 hours of Senate time before he made his announcement.

No allegations of corruption have been made against the Senator and he has said he will be vindicated by the ICAC inquiry.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.