Source : Perth Now news
Tens of millions of dollars worth of Sydney property linked to corrupt former state minister Eddie Obeid has been frozen by authorities.
Neither the former Labor politician nor his family will be able to sell and profit from the assets under the order instructed by the NSW Supreme Court in a closed hearing on Friday.
Bankstown properties estimated to be worth $30 million alone, as well as any other properties linked to the Obeid Corporation, will be affected by the caveats following a “marathon” probe by the NSW Crime Commission.
The state’s criminal investigation agency says it took a decade to unravel the complex web of trusts set up to conceal the proceeds from a rigged tender for an exploration licence.
In 2021, Mr Obeid, his son Moses Obeid and former ministerial colleague Ian Macdonald were found guilty of conspiring over a Mount Penny mine licence that delivered the Obeid family a $30 million windfall.
Mr Obeid was sentenced to seven years in jail and is now on parole on supervised release.
It had not been the only scandal involving the former politician, who became a symbol of political corruption in NSW and fuelled a crackdown on unethical behaviour.
NSW Crime Commissioner Stephen Dametto said the agency was able to secure the result despite two previous unfruitful probes.
“Ongoing investigations using coercive powers continued, new evidence was obtained and legislative amendments removing a six-year limit on recovering proceeds of crime provided what we needed to strike in the way we have,” he said.
He said the order restraining all interests in the property of the Obeid Corporation was only the first step.
“While the commission expects that numerous lengthy legal processes will follow, my message to the directors of the Obeid Corporation is to do the right thing and return the proceeds of Eddie and Moses Obeid’s crimes to the people of NSW,” he said.
