NSW Crime Commission Seizes $30 Million in Obeid Assets

The New South Wales Crime Commission has taken control of over $30 million worth of properties associated with former New South Wales Labor politician Eddie Obeid, following a decade-long investigation.

Commission lawyers secured a Supreme Court order on Friday to restrain all interests in property held by the Obeid Corporation. Caveats were placed on several properties in Bankstown, south-west Sydney, which were described as "hidden assets" within "complex trusts." This order prevents any person from dealing with or disposing of the properties without the commission's agreement.

Commissioner Details Lengthy Investigation

New South Wales Crime Commissioner Stephen Dametto stated that the restraining order against the Obeid Corporation is a critical first step. He indicated that the investigation was lengthy due to a complex web of trusts and companies used by the Obeid family to conceal proceeds of crime.

Dametto noted that significant work remains to extract these funds from the properties and return them to New South Wales taxpayers. He confirmed that the Obeids no longer control these assets or can profit from their sale.

Legislative Changes Aid Recovery

Commissioner Dametto mentioned that new evidence and legislative changes assisted the investigation, specifically amendments that removed a six-year limit on recovering proceeds of crime. The commission expects a lengthy legal process ahead.

Dametto urged the directors of the Obeid Corporation to return the proceeds of Eddie and Moses Obeid's crime to the people of New South Wales. He stated the commission's determination to litigate the matter to prevent the acquired funds from remaining within the Obeid family's reach.