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Saturday, September 06, 2008

Defence shares

Update: Defence reviews rules on shares

courtesty of

http://www.smh.com.au/news/national/defence-reviews-rules-on-shares/2008/09/05/1220121526676.html

SYDNEY MORNING HERALD

Phillip Hudson, September 6, 2008

THE Defence Minister, Joel Fitzgibbon, will review the rules for senior Defence chiefs owning shares and the use of military equipment and facilities to host functions for sports teams.

Yesterday he demanded a written briefing from the Department of Defence by September 19 after the Herald revealed a 4200-tonne navy guided-missile frigate was used to host a function involving the failed fuel pill company Firepower after Defence chiefs became investors.

Defence Force chief, Air Chief Marshal Angus Houston, yesterday said he had a small investment in Firepower but denied a conflict of interest because HMAS Sydney was used to host a function organised by Firepower for the Sydney Kings basketball team.

read more...
http://www.smh.com.au/news/national/defence-reviews-rules-on-shares/2008/09/05/1220121526676.html

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Comment: As I suggested yesterday, there needs to be some kind of inquiry/review/investigation. We will be following this story in the media.

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