The courtroom has also read significant proof regarding the effectiveness of Woodlawn Funds in running the fund, which dropped in benefit from about $forty three million to about $thirty million.
He mentioned the only capacity he experienced acted in was "introducing men and women to likely chances in PNG".
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The business officer chargeable for having the positions was McNamara, who told the court he had experienced unjustifiable confidence within the power in the Australian financial system.
The revelations have emerged from a row in excess of $43 million of PNG governing administration dollars that was squirrelled absent in a small country bank department in Lismore in northern NSW.
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And a company they directed also paid countless Many pounds inside a referral or introduction payment into a previous PNG primary minister's son in link with obtaining the deal to take a position the cash.
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He also located that Woodland Capital experienced engaged in "misleading conduct" mainly because it did not have an suitable financial services administration licence when it was running the money.
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Two Sydney funds administrators have demanded about $23 million in charges for 2 years operate investing Papua New Guinea taxpayer resources, a few of which dropped in price by about $ten million.