NSW MP Resigns After Corruption Hearing

Politician resigns after phone conversations aired at ICAC.

NSW government MP Daryl Maguire has resigned after he was secretly recorded discussing the potential "dividend" he and a local councillor could reap from the sale of a Sydney property to a giant Chinese developer.

Maguire was caught on several occasions discussing property developments with then Canterbury City councillor Michael Hawatt, who is at the centre of an Independent Commission Against Corruption investigation.

The conversations were aired during an ICAC hearing in Sydney on Friday.

Maguire gave evidence to the inquiry, before announcing he would resign from his role as parliamentary secretary for counter terrorism, corrections, veterans and the Centenary of ANZAC.

He will also stand down from the Liberal party room but will stay on as an MP.

"I have given my evidence to ICAC, I apologise unreservedly for causing distress and embarrassment to my party," he said in a statement.

"I am deeply sorry and apologise sincerely for any hurt and embarrassment I have caused to my family, friends and colleagues."

Acting Premier John Barilaro said he had discussed the matter with Liberal leader Gladys Berejiklian -- who is on leave -- and accepted Maguire's resignation.

"He's admitted that he's done wrong and is now paying that price," Barilaro told reporters.

"He will continue to co-operate with the ICAC inquiry."