Obeid Family Loses $30M in Property Amid Corruption Scandal

The New South Wales Crime Commission has made significant strides in a corruption investigation, seizing over $30 million in assets linked to former Labor politician Eddie Obeid. This operation is a culmination of a decade-long investigation into a complex web of trusts and properties associated with the Obeid family.

Seizing Hidden Assets

On Friday, the Commission’s lawyers secured a court order to restrain all interests in properties owned by the Obeid Corporation. The properties involved are primarily located in Bankstown, a suburb in south-west Sydney. These assets were identified as “hidden” and were believed to be concealed within intricate trust structures.

• Properties linked to Eddie Obeid are valued at over $30 million.
• The restraining order prohibits any transactions involving these properties without Commission approval.

Commissioner’s Remarks

Stephen Dametto, the New South Wales Crime Commissioner, stated that this restraining order is a crucial first step in the ongoing investigation. He emphasized that the operation has been a lengthy process due to the complexity involved in the Obeid family’s financial dealings.

“There’s still a great deal of work in front of us to extract those funds from those properties,” Dametto noted. He also reassured taxpayers that these assets would not benefit the Obeid family while the Commission pursues their legal claims.

Legislative Support and Future Steps

Commissioner Dametto credited new legislative changes with aiding the investigation. These amendments removed a previous six-year limit on recovering proceeds from crime, allowing the Commission greater leeway in their efforts.

• The Commission utilized coercive powers to gather new evidence.
• They plan to litigate robustly to ensure that the funds remain inaccessible to the Obeid family.

Message to the Obeid Corporation

The Commissioner issued a direct message to the directors of the Obeid Corporation, urging them to return the proceeds of crime willingly. He described the acts of corruption associated with Eddie and Moses Obeid as among the most egregious instances witnessed in New South Wales.

“Otherwise, we as the Commission will litigate this matter with determination to ensure justice is served,” he concluded. This ongoing case represents a significant chapter in New South Wales’ fight against corruption, as the Commission aims to reclaim funds for the benefit of the public.