Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Hansard source

That is not correct. When I became a minister I sought to sell the shares in the company. The company is a private company. It was the company's request. The shares were sold, at their request, to an entity associated with it called Revo Nominees. The purchase price was to be paid in 12 months or when a capital raising had been completed, whichever came earlier. Those were the facts and that was all disclosed. Twelve months came and went and the money was not paid. My son, representing our company—or my wife and I—sought recovery of the money. It came to a negotiation with the company and some payments were made. Regrettably, as is often the case in those circumstances, most were not.

But everything was completely and utterly at arm's length—absolutely at arm's length. From our position vis-a-vis the company, the honourable member should know that and the innuendo he has sought to raise is completely unworthy. The reason I say it is unworthy is this: the member for Fairfax's position with respect to Queensland Nickel is that he, at all times, was in charge of Queensland Nickel. He ran that company; he was responsible for it. We had no management involvement with the Revo company. Our position was simply as an investor and then subsequently as a creditor. So our dealings were entirely at arm's length, and, in that sense, his attempt to draw some contrast is completely improper and he, as a Queen's Counsel learned in the law, knows how improper it was.

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