The court has also heard critical proof in regards to the efficiency of Woodlawn Capital in managing the fund, which dropped in worth from about $43 million to about $30 million.
He claimed the only capability he experienced acted in was "introducing people to probable possibilities in PNG".
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The organization also paid out a large referral or introduction cost to athletics administrator Malcolm Giheno – the son of former key minister John Giheno – in relation to the corporation attending to make investments the resources, Fairfax has learnt.
The revelations have emerged from a row about $43 million of PNG government revenue that was squirrelled absent in a small country bank department in Lismore in northern NSW.
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"If I'd the good thing about hindsight at the time I would have taken reverse positions and been hailed as being a hero," McNamara stated. "While in the gatherings which transpired my confidence within the strength from the Australian economic system and its markets was not justified and I lost my client money.
McNamara mentioned the transfers transpired due to banking mistakes and were immediately corrected by Woodlawn.
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MVIL's expert witness Robert Possibility, a financial assets trader in Australia specialising in by-product buying and selling and money expense, alleged that in June 2011, Woodlawn's expenditure strategy uncovered MVIL to "sizeable hazard".
"I am offered a fee for that introduction but that's it. I will not negotiate or play an Energetic purpose in almost any of this".
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