Victorian Treasurer Tim Pallas has been revealed as a shareholder in Transurban, the giant toll road operator set to reap tens of billions of dollars from its deal with the Andrews Labor government to build the West Gate Tunnel.

Mr Pallas said on Thursday the shares were in a “set-and-forget” discretionary portfolio that held stock in up to 20 companies and that he did not even know he had Transurban holdings until Wednesday.

Treasurer Tim Pallas. Credit:Eamon Gallagher

But the opposition is not satisfied, accusing Mr Pallas of “lining his pockets” with Transurban shares while negotiating with the company over the lucrative West Gate deal.

Liberal leader Michael O’Brien is demanding Mr Pallas stand aside while his shareholdings are investigated.