The court has also heard critical evidence concerning the functionality of Woodlawn Funds in taking care of the fund, which dropped in benefit from about $forty three million to about $thirty million.
He explained the only potential he had acted in was "introducing individuals to likely opportunities in PNG".
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The business also paid out a large referral or introduction cost to sporting activities administrator Malcolm Giheno – the son of previous primary minister John Giheno – in relation to the corporate attending to devote the resources, Fairfax has learnt.
The revelations have emerged from a row about $43 million of PNG government revenue that was squirrelled absent in a little nation bank department in Lismore in northern NSW.
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And a company they directed also paid numerous 1000s of bucks in a very referral or introduction rate to the previous PNG key minister's son in link with obtaining the deal to invest the funds.
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He also uncovered that Woodland Funds experienced engaged in "deceptive perform" since it didn't have an proper financial services administration licence when it was running the money.
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Two Sydney cash professionals have demanded about $23 million in expenses for 2 yrs do the job investing Papua New Guinea taxpayer resources, some of which dropped in value by about $ten million.