The NT Chief Minister has remained silent about a controversial donation to a state-backed water bottling business. 

Northern Territory Chief Minister Natasha Fyles has opted to remain tight-lipped about the government's response to a $10 million taxpayer-funded bid on the Darwin-based water bottle company, NT Beverages. 

The investment has recently come under the gaze of the territory’s Independent Commission Against Corruption (ICAC).

The ICAC has been looking into allegations of dubious conduct concerning the Northern Territory's Infrastructure Development Fund (NTIDF), which made a single investment of $10 million toward NT Beverages.

The ICAC issued two recommendations and referred the matter to Chief Minister Fyles for her consideration.

Although the ICAC's investigation concluded without formal findings, Commissioner Michael Riches emphasised lingering concerns regarding the investment's circumstances.

In a report presented to parliament last week, Riches revealed that his inquiry had been hampered by jurisdictional limitations and notable resource constraints. 

While he acknowledged the complex structure of the NTIDF, he voiced reservations about its actual operational efficacy.

Riches expressed his ongoing concern about the investment process and suggested that the chief minister might contemplate further investigation by an alternate entity. 

Despite this, Chief Minister Fyles has remained elusive when questioned about accepting the ICAC's recommendations or initiating additional inquiries.

Her clearest response was to link the investment group to a previous government.

“The NTIDF [Northern Territory’s Infrastructure Development Fund] was a CLP scheme designed to operate at arm’s length from government,” Ms Fyles told the ABC.

“It was clear to us that the scheme wasn’t operating as we or Territorians expected and that’s why we made the decision to dissolve it.”

However, while the IDF was set up by a former CLP government, it was signed off on by current Deputy Treasurer Nicole Manison when she was treasurer in 2016. The bottling investment was made in 2018, months before NT Beverages went into administration.

The fund, endowed with $200 million from the sale of the territory's public insurer TIO, came under criticism due to its private-entity structure, despite being financed solely by taxpayers.

Operating for a brief two-year span, the fund executed a lone investment, extending $10 million to NT Beverages. 

However, this company, plagued by debt, ultimately entered voluntary administration months after securing the funding.

Commissioner Riches' report highlighted the absence of robust reporting and auditing mechanisms for schemes managing significant public funds but distancing themselves from direct governmental control. 

Additionally, he called for a potential amendment of the ICAC Act to accommodate broader investigation targets.

Opposition Leader Lia Finocchiaro said questions surrounding the NT Beverages investment persist, and criticised the current government's transparency promises and expressed concerns about potential cover-ups.