.. watched a bit, it looks a good one for any interested in a bit more of doonudder .. a latest .. pigs from both political sides ..
Deception claims as shareholders name Sinodinos in Obeid lawsuit
Date March 15, 2014
Kate McClymont, Michaela Whitbourn, Sean Nicholls
EXCLUSIVE
ICAC continues to investigate whether Eddie Obeid (pictured), Mr Tripodi and Tony Kelly used their positions as MPs to benefit the Obeid-linked company, Australian Water Holdings. Photo: Peter Rae
Shareholders who lost millions investing in Eddie Obeid-linked company Australian Water Holdings are suing its former chairmen, federal Assistant Treasurer Arthur Sinodinos, former NSW treasurer Michael Costa and Liberal fundraiser Nick Di Girolamo for misleading and deceptive conduct.
Mr Di Girolamo's brother-in-law, his best friend from school and the well-connected Navarra family, who run reception centres including Le Montage, Curzon Hall and Conca D'Oro, are alleging Mr Di Girolamo used emotional ''manipulation and control'' to get them to invest in the infrastructure company.
Also involved in the Federal Court suit are Anthony Karam and his sister Corienne, who are tenants of the Obeid family in a restaurant in Broadway.
Mr Di Girolamo, a prominent Liberal Party fundraiser and associate of the Obeids, is one of those to be examined at an ICAC investigation into Australian Water Holdings. The inquiry will commence on Monday.
Five AWH shareholders are suing Mr Di Girolamo, the company and eight of its current and former directors claiming Mr Di Girolamo gave them false information about the company's prospects and contracts. They also claim the company paid some of its directors excessive salaries.
Several of those suing were close to Mr Di Girolamo and claim he took advantage of their friendship. They include Rod de Aboitiz, his friend from St Patrick's College, Strathfield, and Danny Koutsogiannis, whose late wife Eliana was Mr Di Girolamo's sister. Also suing are Mr Koutsogiannis's brother John and wife Angie.
The Navarra family, including Conca D'Oro Holdings directors John and Salvatore Navarra, and father Filippo, said they regarded Mr Di Girolamo ''as family''. They are also close to former Labor minister Joe Tripodi.
ICAC is examining allegations corrupt former Labor minister Eddie Obeid and his former colleagues, Mr Tripodi and Tony Kelly, misused their positions as MPs in an attempt to benefit AWH.
The Navarra, Koutsogiannis and de Aboitiz families allege Mr Di Girolamo used ''unfair tactics, undue influence and powerful emotional control'' to take advantage of their ''close relationships of trust''.
Senator Sinodinos, who was appointed chairman of AWH in November 2010 and resigned a year later, and Mr Costa, who replaced him before stepping down in November 2012, are said to have been involved in the allegedly misleading or deceptive conduct by Mr Di Girolamo, either directly or indirectly. ICAC has not alleged wrongdoing by either of the men.
Mr Costa said: ''I reject the claim, and it will be defended.''
Mr Sinodinos said he will ''oppose the claim'' of minority shareholders.
Directors of engineering firm BG&E, who became majority shareholders in AWH last year, are also named in the lawsuit. ''There is no basis to the claim as it relates to the new management and board, and we will fully contest it in the courts,'' they said.
The shareholders allege the value of their shares has dropped because of the ''recent exposure of AWH and its former directors to the ICAC inquiry concerning the Obeid family scandal''.
The shareholders invested a collective $2.5 million in the company between 2007 and 2008 under an agreement that gave them the right to have the money repaid with interest in 2010. They claim they subsequently agreed to convert their repayment rights into shares because Mr Di Girolamo told them the company had a ''substantial financial value'' and they would receive a ''healthy return''. The shareholders want the share transfers declared void and are seeking a payment of $4.3 million.
ICAC has heard the Obeids agreed in 2010 to buy a $3 million stake in AWH. But the family claims the agreement was later converted into a loan.
John Navarra said of the legal action: ''We're just trying to seek answers. We're presently seeking legal resolution with AWH and its directors.''
Other AWH shareholders include Belinda Kerr, an assistant director at Macquarie Bank, Joe Craparotta, from Schneider Electrics, and Carlo Logiudice, a former project manager with AWH who bought $500,000 worth of shares in 2012.
Mr Di Girolamo was contacted but did not respond before deadline.
NuCoal seeks 'at least' $500m
[ this, i think, relates to the other one of the step back ]
A mining company at the centre of a corruption inquiry involving former Labor minister Ian Macdonald has launched legal action to overturn a NSW government decision to tear up its coal licence without compensation.
NuCoal has lodged an application in the Supreme Court for a judicial review of the findings of the Independent Commission Against Corruption, upon which the government based its decision.
The ICAC found Mr Macdonald acted corruptly in 2008 in granting a licence at Doyles Creek in the Hunter Valley to Doyles Creek Mining, then chaired by former union official John Maitland.
NuCoal acquired Doyles Creek Mining in 2010. In a statement to the stock exchange on Friday, NuCoal - which will seek compensation of ''at least'' $500 million - said its Supreme Court case alleges the ICAC failed to properly consider NuCoal's submissions to it.
It said NuCoal is seeking advice about a constitutional challenge and action under the US-Australia free trade agreement.
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