Fallout from ICAC Inquiry into NSW Mining Licences
Proceedings have been commenced in the Federal Court for
"misleading and deceptive" conduct against 16 individuals
and companies, including the Obeid family, stockbrokers Brent Potts
and Peter Gray, as well as directors and officers of Cascade Coal,
a company at the centre of the Inquiry. 1
News reports indicate that companies associated with wealthy
property developer Denis O'Neil, and Alfa Romeo dealer and
yachtsman Neville Crichton, have decided to sue over a $13 million
investment in Cascade Coal. They claim that, as a consequence of
misleading and deceptive conduct and breach of trust, they invested
in Cascade, but the money was forwarded not to Cascade as agreed,
but rather ended up with a third party, which, through a complex
web of companies, was linked to the Obeid family. 2