Overview
- In a closed Supreme Court hearing, the commission secured a restraining order over all interests of the Obeid Corporation and lodged caveats on multiple Bankstown properties, preventing any dealing or disposal.
- Authorities say the restrained assets exceed $30 million and were concealed through complex trusts, with reporting documenting a 2018 transfer of a 50 percent stake to associate Walhan Wehbe under privately agreed terms.
- Commissioner Stephen Dametto said coercive investigative powers and legislative amendments removing a six-year recovery limit produced the breakthrough.
- The action targets proceeds linked to the corrupt Mount Penny coal exploration licence at Bylong, a scheme that led to convictions of Eddie Obeid and his son Moses.
- The commission expects protracted court proceedings and has urged Obeid Corporation directors to return the funds to New South Wales taxpayers.