A Western Australian MP has accused the Insurance Commission of WA of covering up a covenant enforced on a shopping centre it owns.

The commission, which manages the various government insurance arrangements including motor vehicle third party insurance and workers’ compensation, includes shopping centres among its investments.

Swan Hills MP Frank Alban has told the Legislative Assembly in Perth the covenant imposed by the commission on a shopping centre at Ellenbrook is in force until 2018 – a situation he believes is “completely immoral”.

But Insurance Commission of WA MD Vic Evans told insuranceNEWS.com.au the commission has a responsibility not to allow the land to be devalued “for the benefit of two or three people”.

“We hold about $3 billion for people’s claims and 30% of that we put into property,” he said. “To diversify the investment of that property portfolio we decided to buy some shopping centres.

“I’m not interested in playing politics. We’re just doing a job and investing the public’s money as best we can.”