Is this conduct PASSable?

It doesn't stop there.

Has Transurban been given favourable deals by the Govt in relation to contracts to build the Tunnel, via the Cross Yarra Consortium (CYC)? eg Contracts at rates well below market to supply goods or services to the CYC.

I think this will just be the tip of the iceberg. There is a lot more to come out in the wash regarding this little scandal once the dots are joined and the money trail is followed. It will be exposed you can count on it. They've only just started.

You're being a little harsh IMHO.
Pallas never held Transurban until recently when they moved into the top 20. He does not trade the shares directly. His fund, which he had disclosed, invests in the top 20 companies only. So there will be some movement in and out of that T20 list.
Could he have engineered Transurban to become a top 20? Well, that's a big call and I would have to say no.
All will become clear.
Nanu