Legislative Assembly for the ACT: 2008 Week 09 Hansard (Thursday, 21 August 2008) . . Page.. 3434 ..
section 17 of the act. There it is—the shareholders have failed to comply with the Territory-owned Corporations Act 1990. They broke the law. They should have done their job; they should have reviewed; they should have monitored; they should have issued the direction; they should have paid the compensation. They failed, and in failing to do so they broke the law.
Mr Hargreaves: On a point of order, Mr Speaker, I would ask you to rule on that statement from Mr Smyth. He says they broke the law. I suggest that that is inappropriate in this context, and I would ask that he withdraw that particular part of his accusation.
MR SPEAKER: I am concerned that there may be an imputation. Mr Smyth, were you referring to recommendation 17?
MR SMYTH: No, I am referring to paragraph 4.50 of the report, where it says:
It appears that the shareholders have failed to comply with the Territory-owned Corporations Act 1990.
I am quoting from the report, Mr Speaker.
Mr Hargreaves: On the point of order, Mr Speaker, Mr Smyth actually said, “They broke the law.” That is an imputation, and I would ask that he withdraw it.
MR SPEAKER: The report says that it appears that the shareholders have failed to comply, and I think it is fair enough for you to say that, Mr Smyth. However, nobody has found that they have broken the law. I think you should withdraw that.
MR SMYTH: Mr Speaker, under your direction, I withdraw it. The report goes on. In paragraph 4.53 it says:
The Committee believes that establishing Rhodium as a TOC and then discouraging it from focusing on its growth opportunities hindered the company in either preparing for privatisation or effectively managing its assets.
The shareholders have a responsibility under the act to review and to monitor. That is what Mr Quinlan told us when he made those amendments. Those amendments were agreed to by the Chief Minister and the Deputy Chief Minister, and they failed to comply with them.
In paragraph 4.54 the report states:
As a consequence of what has happened with Rhodium, the failure to sell Rhodium has seen the dramatic reduction in the value of Rhodium and the winding up of the Corporation, thereby losing the ACT taxpayers significant funds.
Yet again, what we have is failure by the Chief Minister and the Deputy Chief Minister to effectively administer the law that they are responsible for under the Territory-owned Corporations Act to review and monitor, as Mr Quinlan said in his tabling speech. They are obliged to get information in order to review and monitor the