Record series
Records relating to the Royal Commission into the Tricontinental Group of Companies
VPRS 11159
1990 - 1991
Open
North Melbourne
Agencies
This record series was created by:
Department of the Treasury ( VA3007 ): 1990 - 1991
Agencies responsible for this record series: Department of Treasury and Finance ( VA 3745 ): 1995 - present
Date Range
Series date range: 1990 - 1991
Series in custody:
1990 - 1991
Contents in custody:
1979 - 1991
How to use the records
Refer to the Records Description List for this series to identify the unit (box) which holds the record.
Function / Content
This series was created and collected by the Department of The Treasury [VA 3007] in relation to the Royal Commission into Tricontinental Group of Companies. The series documents the Departments involvement in the process of inquiry conducted by the Commission.
The Commissions task was to determine what matters and events caused the collapse of Tricontinental and to investigate the nature and extent of any criminal, civil or administrative responsibility for the losses amongst persons in Government, State Bank Victoria (SBV) or its subsidiary, Tricontinental, or amongst auditors, valuers or advisers.
The Department of Management and Budget (DMB), which later became Department of Treasury, had the supervisory role in relation to the State Bank. The Treasurer, who had ministerial responsibility for DMB, was regularly briefed by the chairman and the chief executive officer. DMB also briefed the Treasurer on publicly available information, like SBV and Tricontinentals annual reports. Meetings between the Treasurer and SBV were held once a month. The Treasurer met annually with the full board of the Bank; as part of the reporting process the SBV Board minutes were provided to the Treasurer. In February 1990 the new, stricter supervisory and reporting requirements were announced due to the increasing magnitude of the SBV problems.
The Commission issued two reports [Interim / First Report July 1991 and Final Report August 1992]. Key findings in relation to the Governments role included:
the failure of Tricontinental was not due to any failure of the Government or individual Ministers or officers to properly supervise SBV or Tricontinental;
no blame can be attached to the DMB for Tricontinental losses;
the former Treasurer, Mr Jolly, and the Premier, Mr Cain, acted properly and responsibly at all times. The Premiers responsibility was more remote than that of his Treasurer.
The records contain following information:
financial condition and performance of SBV and Tricontinental
departmental and ministerial oversight of Tricontinental
the involvement of the Treasurer and the Premier in attempts to deal with financial difficulties of Tricontinental.
This is an accumulative series that includes diaries and copies of:
Transcripts of Proceedings ( Hearings) - not located within VPRS 8381/P1
Transcripts-in-Confidence (Australian Securities Commission Examinations)-not located within VPRS 8381/P1 nor VPRS 8380/P2
Government Statements and Submissions
Summaries of Transcripts
Reports
Briefing Papers to the Treasurer
Correspondence
Financial Statements
Exhibits
Lists of files and documents
Press Cuttings
