Back in 2003, Malcolm Turnbull, who was managing director of Goldman’s Australian operation from 1997 – and went on to become PM in 2015 – set up a new funds management business called Pengana Capital with a younger Goldman executive called Russel Pillemer.
When Turnbull prepared to lead the nation, he gave his stake in Pengana – which had been loaned to Pillemer – to his son and daughter, Alex and Daisy, to avoid a conflict of interest (or, detractors have since argued, to avoid scrutiny of his wealth).
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