Barry O'Farrell has announced he will resign from his position as New South Wales premier.
The news comes after it was alleged Mr O'Farrell was gifted a $3000 bottle of wine from former Australian Water Holdings boss, Nick Di Girolamo.
Mr O’Farrell said he has no recollection of receiving the wine, but announced he will be stepping down from his position.
"As soon as I can organise a meeting of the parliamenary Liberal Party for next week, I will be resigning the position and enabling the new Liberal leader to be elected," he said.
"Someone who will become the leader of New South Wales.
"What is important here is that seeking to support the process of the Independent Comission Against Corruption, a body I have always supported throughout my career.
"I have accepted that I have had a massive memory fail. I still cannot explain either the arrival of the gift that I have no recollection of or it's absence, which I still can't fathom."
In a statement released a short time ago, Mr O'Farrell said there was no evidence he had accepted the wine.
"Contrary to some media commentary following my evidence at the ICAC today, proof has not been presented that a bottle of 1959 Grange was ever delivered to my house," the statement read.
"Some media are claiming that a so-called 'receipt' dated Good Friday 22 April 2011from a courier company in some way 'prove'’ that the wine was received at my homeon 20 April.
“That document is not a receipt. It is an invoice to AWH."
He said the family was holiday at the time the wine was sent.
"No-one was at my home from mid-afternoon Thursday 21 April through to late Easter Sunday. We were holidaying in Queensland," he said in a statement.
"I left my home early on Thursday 21 April and did not return until late Easter Sunday night to attend Anzac Day ceremonies on Monday."
