Obeids 'thought they were running NSW'

Banker Gardner Brook has told ICAC the family of Eddie Obeid "thought they were running the state". Source: AAP

THE family of ex-NSW MP Eddie Obeid "thought they were running the state" and stood to earn a "bucketload" from an allegedly corrupt water deal, an inquiry has heard.

Former Lehman Brothers investment banker Gardner Brook turned star witness in last year's Independent Commission Against Corruption (ICAC) probe into the Obeid family's dealings over a coal tenement at Mount Penny, which culminated in a corruption finding against Mr Obeid.

He was back in the ICAC witness box as the watchdog continued its investigation into another company with alleged Obeid links, Australian Water Holdings.

Mr Brook has testified that Mr Obeid's son Moses Obeid came to him in mid-2008 with a business opportunity - a water and sewerage venture that was going to bring in "a bucketload of money".

"(Moses) represented to me that the water deal eclipsed the coal deal," Mr Brook told the inquiry.

"Did he talk about a sum?" counsel assisting Geoffrey Watson SC asked.

"Over $100 million," Mr Brook replied.

Mr Brook told the commission he met with Mr Obeid, his son Moses, and former Labor MP Joe Tripodi in August 2008.

As the businessmen sat down, Moses told him: "This meeting is not happening."

"I felt very uncomfortable about that statement," Mr Brook said on Tuesday.

He added that he didn't understand it at the time - but has since figured it out.

"It's fairly obvious that these people thought they were running the state of NSW," Mr Brook said.

During an afternoon of heated cross-examination, a lawyer representing Moses Obeid suggested Mr Brook was suffering memory loss as a result of an accident in 2010.

But Mr Brook stood by his testimony.

"I am on the ball," he said.

"My recollection is sharp. Razor-sharp."

Mr Brook has also made a statement alleging Moses Obeid told him "he and his family had an ownership in Australian Water (Holdings) and that they had great influence over it".

The inquiry continues.

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