Deep freeze for notorious ex-minister’s hidden assets

Sydney property worth tens of millions of dollars linked to corrupt former state minister Eddie Obeid has been frozen by authorities.

Neither the former Labor politician nor his family will be able to sell the assets and make a profit under the NSW Supreme Court’s orders at a closed hearing on Friday.

Bankstown properties, estimated to be worth just $30 million, and other properties linked to the Obeid Corporation will be affected by warnings following a “marathon” investigation by the NSW Crime Commission.

The state’s criminal investigation agency says it took a decade to unravel a complex network of trusts set up to conceal proceeds from fraudulent bidding for exploration licenses.

In 2021, Mr Obeid, his son Moses Obeid and former ministerial colleague Ian Macdonald were found guilty of conspiring to win the Mount Penny mining permit, which netted the Obeid family a windfall of $30 million.

Mr. Obeid was sentenced to seven years in prison and is currently on probation and parole.

This was not the only scandal involving the former politician, who became a symbol of political corruption in NSW and fueled a crackdown on unethical behaviour.

NSW Crime Commissioner Stephen Dametto said the force was able to secure the outcome despite two previous inconclusive investigations.

“Ongoing investigations using coercive powers have continued, new evidence has been obtained and legislative changes to remove the six-year limit on recovery of proceeds of crime have provided the means for us to take action in the manner available to us,” he said.

He said the order restricting all interests in Obeid Corporation’s properties was only the first step.

“While the Commission expects several lengthy legal processes to continue, my message to Obeid Corporation directors is to do the right thing and return the proceeds of Eddie and Moses Obeid’s crimes to the people of NSW,” he said.