The court has also listened to essential proof about the functionality of Woodlawn Money in controlling the fund, which dropped in worth from about $forty three million to about $thirty million.
He claimed the sole capacity he experienced acted in was "introducing people to potential prospects in PNG".
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The corporate also compensated a large referral or introduction cost to sporting activities administrator Malcolm Giheno – the son of previous prime minister John Giheno – in relation to the organization getting to spend the resources, Fairfax has learnt.
The revelations have emerged from a row over $forty three million of PNG federal government cash which was squirrelled away in a little place bank branch in Lismore in northern NSW.
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McNamara mentioned the transfers occurred on account of banking glitches and have been instantly corrected by Woodlawn.
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MVIL's pro witness read more Robert Risk, a economic property trader in Australia specialising in spinoff investing and monetary expenditure, alleged that in June 2011, Woodlawn's financial investment strategy uncovered MVIL to "substantial danger".
"I'm supplied a price to the introduction but which is it. I usually do not negotiate or Perform an Lively purpose in any of this".
The cash is now the subject of a court circumstance in NSW involving the money administrators and Papua New Guinea's third-party motorcar insurer, which owns The cash.
Mr Giheno, when contacted last week and asked why he obtained a referral price, reported it absolutely was a matter before the courts and he did not have Significantly to mention.
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Two Sydney money professionals have demanded about $23 million in service fees for two a long time perform investing Papua New Guinea taxpayer cash, several of which dropped in benefit by about $ten million.