AN investor who had done a deal with Eddie Obeid's son says he became worried when he heard about a NSW corruption inquiry into the Labor powerbroker.
Anthony Karam told the Independent Commission Against Corruption's (ICAC) he and schoolfriend Eddie Obeid Jr began discussions about investing in Australian Water Holdings (AWH) in 2008.
He eventually sank $500,000 into the private firm, having been told by Mr Obeid Jr and NSW Liberal fundraiser Nick Di Girolomo, that his money would double.
He made nothing on his investment.
Asked by junior counsel assisting the commission, Greg O'Mahoney, whether he was a savvy investor, Mr Karam replied: "Not if I'm here, am I?"
AWH stood to make significant cash contracting to the government authority Sydney Water.
Despite never receiving a return on his investment, it wasn't until early 2013 when Mr Karam became concerned.
"During the ICAC hearing. The coal deal," Mr Karam said, referring to previous ICAC hearings which implicated Eddie Obeid Sr in corrupt dealings over the granting of NSW mining licences.
"I wasn't aware of any share holding ... I knew Eddie Obeid was around but I wasn't aware that they actually had any equity or what was alleged equity in Australian Water Holdings.
"That sort of triggered Nick (Di Girolomo) to get on the phone and start talking and then we, for the first time, convened a meeting."
Mr Karam says he wasn't aware of the deal offered to Senator Arthur Sinodinos to chair AWH.
"The only time I became aware was when he relinquished his shares in the parliament," Mr Karam said.
"I then sent an email to the CFO (chief financial officer) asking where those shares came from."
ICAC has heard that Mr Sinodinos, who was allegedly taken on by AWH because of his Liberal connections, was offered an equity stake of five per cent, with a 2.5 per cent bonus.
"I don't think I've ever seen a remuneration package where a chairman gets given some sort of option or bonus for achieving an outcome," Mr Karam told ICAC.
Mr Karam is taking legal action against AWH, it directors, and another company in the Federal Court.
Senator Sinodinos on Wednesday stood down as federal assistant treasurer while the ICAC inquiry continues.
He has denied any wrongdoing and is due to appear as a witness.
ICAC has heard the former chief of staff to prime minister John Howard was appointed to a $200,000-a-year job with AWH in a bid to open communication channels with the Liberal Party.
During his time on the board, AWH provided secret donations to the NSW Liberals, which the party is paying back.
The hearing continues.
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