Arthur Sinodinos, a Liberal Senator and current Assistant Treasurer, was given a 5% share of a company trying to get a contract with the publicly-owned Sydney Water, the state’s Independent Against Corruption Commission (ICAC) heard today.
Geoffrey Watson, SC, counsel assisting ICAC, said Sinodinos was paid $200,000 as a director of Australian Water Holdings and would receive another 2.5% in equity if the state government approved a partnership with Sydney Water.
Watson said Sinodinos would have had a $10 million to $20 million payday, based on a PricewaterhouseCoopers valuation, if the partnership had been approved.
Sinodinos joined the board of Australian Water Holdings in October 2008 when he was state treasurer of the Liberal Party and before he became a Senator. He resigned as a director just before taking his Senate seat, in November 2011.
ICAC is investigating corruption allegations involving public officials and persons with an interest in Australian Water Holdings Pty Ltd.
Operation Credo is also examining allegations that persons with an interest in Australian Water Holdings obtained a financial benefit through the Sydney Water Corporation.
The commission is also investigating whether public officials and others were involved in falsifying a state cabinet minute relating to a public private partnership proposal.
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