The court docket has also listened to critical evidence with regards to the performance of Woodlawn Capital in handling the fund, which dropped in value from about $forty three million to about $thirty million.
He explained the only potential he had acted in was "introducing folks to possible possibilities in PNG".
"With volatility spiking it absolutely was tough to argue which the Australian market would not develop into embroiled in an aggressive selloff," Mr Hazard mentioned.
The business officer chargeable for having the positions was McNamara, who told the court he experienced experienced unjustifiable confidence within the strength from the Australian financial system.
The revelations have emerged from a row above $forty three million of PNG govt income that was squirrelled absent in a small state bank branch in Lismore in northern NSW.
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And a firm they directed also compensated hundreds of A huge number of bucks in a very referral or introduction rate to a former PNG prime minister's son in connection with getting the deal to invest the funds.
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He also discovered that Woodland Cash experienced engaged in "deceptive perform" as it did not have here an correct money services management licence when it absolutely was controlling The cash.
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4 many years Governing administration concentrating on free, truthful election, states Marape The federal government is focused on providing a totally free and truthful common election future yr, suggests Prime Minister James Marape. Marape claimed this throughout the opening of two-working day countrywide integrity summit […]