The court has also read significant proof about the performance of Woodlawn Cash in running the fund, which dropped in benefit from about $43 million to about $30 million.
He claimed the sole capability he experienced acted in was "introducing folks to possible opportunities in PNG".
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The business also paid a large referral or introduction cost to sporting activities administrator Malcolm Giheno – the son of previous key minister John Giheno – in relation to the corporation attending to devote the funds, Fairfax has learnt.
The revelations have emerged from a row above $forty three million of PNG govt income that was squirrelled absent in a small state bank branch in Lismore in northern NSW.
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"If I'd the good thing about hindsight at the time I would have taken reverse positions and been hailed as being a hero," McNamara explained. "From the situations which happened my self-confidence inside the power in the Australian financial system and its markets was not justified and I misplaced my client money.
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And a firm they directed also paid out many hundreds of A large number of dollars inside a referral or introduction payment into a former PNG prime minister's son in connection with receiving the offer to speculate the cash.
Mr Threat also alleged that Woodlawn's investing strategy was "not considered one of knowledgeable or very careful trader" specifically in light-weight of your negative financial information for the time.
He also located that Woodland Money experienced engaged in "deceptive carry out" because it didn't have an suitable economical services management here licence when it absolutely was controlling The cash.
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Two Sydney income supervisors have demanded about $23 million in service fees for 2 years operate investing Papua New Guinea taxpayer resources, a few of which dropped in price by about $ten million.