Leader of Australia's Northern Territory resigns over shares scandal

Canberra : Leader of Australia's Northern Territory (NT), Natasha Fyles on Tuesday resigned after failing to disclose shareholdings in a mining company. Fyles announced her intention to stand down as Chief Minister of the NT on Thursday following a series of integrity scandals, reports Xinhua news agency.

Tuesday's announcement came just a day after it was revealed that Fyles owned undisclosed shares in South32, a mining and metals company that possesses a manganese mine on Groote Eylandt off the NT's north-east coast.

Under the Members' Code of Conduct and Ethical Standards act, members of the NT's Legislative Assembly are required to publicly disclose all their financial interests.

Fyles in November said she had declared all her interests after being referred to the NT's anti-corruption watchdog over potential conflicts of interest relating to shares she owned in gas company Woodside.

On Tuesday, she said there was no excuse for failing to disclose the holdings in South32. "It was not deliberate, it was not intentional but it's unacceptable. For this reason, I feel the honorable action is to resign as Chief Minister," Fyles told reporters.

"I can assure Territorians that no decision I've ever made has been influenced by that small shareholding but high standards are expected from people holding high office."

A former school teacher, Fyles became the Chief Minister of the NT in May 2022. Her resignation comes eight months before the next election in August 2024 where the center-left Labor Party will be seeking a third consecutive term in power.

Fyles also stood down from her role as the NT's Minister for Health but said she would not quit politics.