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Australia Unknown 'Penny' that delivered $30m windfall to Obeid family

18:40  21 february  2020
18:40  21 february  2020 Source:   smh.com.au

'Not guilty': Former ministers Ian Macdonald and Eddie Obeid face trial

  'Not guilty': Former ministers Ian Macdonald and Eddie Obeid face trial Former Labor ministers Eddie Obeid and Ian Macdonald are accused of conspiring over the granting of a coal exploration licence near Mudgee.The former Labor minister, 76, replied in a steady voice, “not guilty” to the charge that he and his son, Moses Obeid, conspired with former mineral resources minister Ian Macdonald over the granting of a coal exploration licence at Mt Penny, in the Bylong Valley near Mudgee.

It is unknown how much the women have agreed to pay to settle the case. In the wake of a sensational corruption inquiry into a coal deal over the Obeid family 's Mount Penny farm, the ATO launched an audit of a $ 30 million windfall which wound its way through a complex web of family

Corrupt former ministers Eddie Obeid and Ian Macdonald will be allowed to keep potentially millions of dollars in taxpayer-funded superannuation, even if they are convicted and jailed. Premier Barry O'Farrell is refusing to commit to proposed changes that would allow Parliament to strip the pair of their

a man talking on a cell phone: Alan Coutts, former Deputy Director-General of the Department of Primary Industries, was a Crown witness at the trial of former ministers Eddie Obeid and Ian Macdonald. © Dean Sewell Alan Coutts, former Deputy Director-General of the Department of Primary Industries, was a Crown witness at the trial of former ministers Eddie Obeid and Ian Macdonald.

A mountain at the centre of a criminal trial was so little known that when then mineral resources minister Ian Macdonald sent an urgent request wanting information about the coal reserves in the Mt Penny area, one senior bureaucrat asked his colleagues: “What’s Mt Penny?”

Ian MacDonald wearing a suit and tie: Ian Macdonald was © Dean Sewell Ian Macdonald was "adamant" a tender process go ahead despite reservations from his department.

The criminal trial of two former mining ministers – Ian Macdonald and Eddie Obeid – has heard that Mt Penny was located on the periphery of Cherrydale Park, the Obeids’ rural property in the Bylong Valley, near Mudgee.

Obeid family negotiated a $60m windfall, court told

  Obeid family negotiated a $60m windfall, court told The trial judge heard that even before the tender process was formally announced the Obeids, equipped with inside information allegedly provided to them, were busy positioning themselves to gain a windfall.Former Labor ministers Macdonald, 70, and Obeid, 76, along with his son Moses, 50, have pleaded not guilty to the charge that they conspired between September 1, 2007 and January 31, 2009 over the granting of a coal-exploration license in an area which included the Obeid family farm, Cherrydale Park at Mt Penny in the Bylong Valley, near Mudgee.

30 -year mortgage rates. A windfall involves “coming into a substantial amount of money that maybe you weren’t expecting or that’s a little bit of a surprise,” says Raquel Hinman, certified financial planner and founder of Hinman Financial Planning Inc. in Erie, Colorado.

A last-ditch attempt by Eddie and Moses Obeid to have their upcoming committal hearing delayed for a third time has been denied. Nineteen witnesses are to be called for the three-week hearing into a $ 30 million coal exploration licence which was granted over the Obeids ' family property at Mount Penny

a sign on the side of a fence: The Obeid family purchased Cherrydale Park near Mount Penny for $3.65 million in 2007. © Brockwell Perks The Obeid family purchased Cherrydale Park near Mount Penny for $3.65 million in 2007.

Macdonald, 70, Obeid, 76, and his son Moses, 50 have pleaded not guilty over their involvement in an allegedly rigged government tender process which resulted in the awarding of a coal exploration licence at Mt Penny.

Before the tender process was made public, the Obeids were allegedly leaked a map of the proposed exploration area. Their associates then paid a total of $4 million to buy two other key properties in the area.

Macdonald is accused of nine acts of misconduct in public office, including directing his department to include Mt Penny in an Expression of Interest (EOI) process and then leaking to the Obeids the confidential list of tenderers.

Heartbreaking question Dell never asked mum

  Heartbreaking question Dell never asked mum Wendell Sailor has revealed his pain at an enormous question never asked of his mother: why she gave him up.Sailor's birth mother, Penny, died last year. The former NRL and rugby star made the revelation on Triple M's Dead Set Legends program, speaking with Gus Worland.

The Mount Penny tenement covers the majority of the Obeid family property, Cherrydale Obeid Sr was a parliamentary colleague of Macdonald's and the ICAC reports the exploration licence At the time of ICAC’s public inquiry $ 30 million of the million had been paid. In lieu of the remainder the

“Only three— unknown —analysts are covering it. “And unleash an million windfall to shareholders in the process.” That’s the May 11 date Pearce hinted at in his headline, by the way. “They’re so plentiful in fact, I can almost guarantee you’ve stood toe to toe with one in the past 30 days.

The court has heard the Obeids negotiated a payment of $30 million from the winning bidder, with the promise of another $30 million. They also negotiated to sell the three properties for more than four times their value when mining commenced.

Because of an intervening corruption inquiry, the property sale did not take place.

The court has heard that Mr Macdonald met with his colleague Eddie Obeid on May 8, 2008. The next day Macdonald, via his staff, instructed his department to ascertain how much coal there was in the Mt Penny area.

Alan Coutts, who was Deputy Director-General of the Department of Primary Industries in May 2008, told Justice Elizabeth Fullerton on Friday that he had no idea what or where Mt Penny was when the minister’s office began making inquiries.

Macdonald’s office was told that there were “significant coal resources” in the area but further exploration would be needed to determine how rich it was, Mr Coutts said.

Ian Macdonald acted in 'best interests of the people of NSW', court hears

  Ian Macdonald acted in 'best interests of the people of NSW', court hears The criminal case against one-time mining minister Ian Macdonald was "a reductionist, revisionist attempt to rewrite history", his barrister told the NSW Supreme Court. Instead, Mr Macdonald was a "proactive minister who was passionate about mining" and who always acted “in the best interests of the people of NSW”, barrister Jonathan Martin said.

The family also had a $ 30 million interest in the nearby Yarrawa tenement, which was also subject to an exploration licence granted by Macdonald. ‘‘[Moses] said everything was going ahead and it was going to be a huge windfall for the family ,’’ Fitzhenry told the inquiry.

A penny saved might just be ,000 earned. To this day, copper remains valuable — in fact, the pennies that are made now are comprised, primarily, of zinc and are only covered with a veneer of copper. But hey, I bet you'll never toss a penny into the family coin jar again without thinking twice

On May 14 when Macdonald’s office pushed for more information on the coal reserves at Mt Penny, Mr Coutts replied in an email: “What do you mean by Mt Penny – it is not an area we recognise by that name as potential allocation area.”

Mr Coutts said he “was getting irritated” with the minister’s request as “we were wasting a lot of time running around for information we didn’t have.”

Mr Coutts said the minister rang him on Saturday, May 31, wanting him to push along the EOI process for a number of coal allocations, including Mt Penny.

The bureaucrat explained his objections to the minister, including that his department had previously had problems with smaller operators hitting financial difficulties. “It is a high cost, capital intensive industry” which meant prospective players needed to have “deep pockets,” Mr Coutts said.

However, Macdonald was “adamant” that the department go ahead, with only junior miners invited to tender, Mr Coutts said.

His evidence continues on Monday.

Anthony Albanese gives evidence at Eddie Obeid, Ian Macdonald conspiracy trial .
Federal Opposition Leader Anthony Albanese tells a Sydney court that Ian Macdonald told him he wanted to be preselected again during a Labor Party lunch at a Chinese restaurant.Federal Opposition Leader Anthony Albanese has told a Sydney court the former resources minister Ian Macdonald said he wanted to be preselected again during a Labor Party lunch.

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