Fast forward a couple of weeks and Mr Turnbull has done a pretty abrupt about-face in regards to the Hochtief AG shares, stating that an “Administrative Error” stopped the shares from being listed as sold in February 2012 in his Pecuniary Interests. Given that between Leighton Holdings subsidiaries Silcar Communications ($1.1Billion) and Visionstream (approximately $2 Billion) that Hochtief AG stands to make a lot of money from NBN contracts, it is surprising that The Honourable Shadow Minister for Communications is now missing out on what would be a rather decent return for that particular firm and its subsidiaries over the coming years, given his knack for making profitable longterm investments.
What’s even more surprising though is that Mr Turnbull didn’t realise that the “administrative error” had reportedly taken place, until an intrepid young journalist wrote about Mrs Lucy Turnbull still owning shares in the NBN contractor, close to 18 months after the sale reportedly took place.
(Mr Turnbull’s latest Pecuniary Interests Statement is attached in the full version of this article)
Now as Synergy Research Group recently stated, Cisco currently holds the lion’s share of the network infrastructure market worldwide. Between network Switches/Hubs, VoIP, UC Apps, Routers, Wireless and Telepresence, they are undoubtedly currently the dominant force when it comes to network infrastructure and development in the digital age. With market dominance in these areas ranging from 27% to 70% though, this can result in some pretty major security problems depending on how Cisco design and update their products.
From 2009 onwards, Ang Cui has exposed some pretty extensive flaws within Cisco’s phone and networking products, as well as the operating systems and source code found within them. From using a Cisco telephone as an entry-point for a network-wide attack through to turning a handset microphone into an audio surveillance bug, Ang Cui has shown that both new and old Cisco products can have some pretty spectacular and nefarious applications when it comes to both industrial, corporate and governmental espionage.
Note – This Pecuniary Interest Statement was obtained from an official APH Public Register, which is accessible to the public via the APH website.
Now as you can see from my previous comment, Kevin Rudd has been providing some extremely detailed commentary of his family’s activities over the course of the past three years. From purchases of investment and residential properties in Canberra,Brisbane and Noosa, through to memberships with Chatham House, media proceeds, company sales and creations, not to mention even Marrow Chew bones for The Rudd’s faithfully-loyal hound Abby, it’s evident that the Registrar of Members’ Interests, Mr David Elder, probably would’ve had a howling good time keeping abreast of Mr Rudd’s submissions over the years.
If you looked at the Prime Minister’s pecuniary interests however you would find this hard to believe though, as most of the 4 submissions that she made to the register throughout this time were in relation to her partner, Mr Mathieson. Since early February 2012, Prime Minister Gillard has received 9 gifts from both foreign and domestic sources, while Mr Mathieson has received over 14 instances of accommodation, flight upgrades, complementary memberships, hospitality, football and concert tickets throughout the period in question.
If there’s one thing that never ceases to amaze me, it’s that both state and federal politicians don’t think that people check their pecuniary interests, policy statements and voting records, then contrast them against the business interests that said politicians and their families hold.
As shown within Mr Turnbull’s latest register of interests, Mrs Turnbull has owned a diverse portfolio of shares in companies such as Siemens (SIEGn.DE) and currently Hochtief AG (HOTG.DE), both of which hold significant interests in the rollout of the National Broadband Network. Utilising only their German stockmarket codes, most people wouldn’t be able to identify those two particular entries on Page 8 in Mr Turnbull’s submission, unless they knew what they were looking for.