Obeid Family Trust's Assets Frozen

0:00What's up, Sydney? This is Sydney News Today, bringing you the city's fastest updates on what is happening now. The New South Wales Crime Commission has slapped the caveat on major development sites in Sydney, secretly owned by disgraced politician Eddie Obeyds, family trust. They've also frozen all property interests tied to obeyed corporation. This came after a 10-year forensic probe into hidden assets worth tens of millions, wrapping up with a court order last Friday that blocks any sales. Earlier this week, a herald investigation exposed how the family trust hit a roughly $30 million stake in Bankstown land set for high rise. Towers near a new metro station. The ownership was massed through layers of trust and companies, with associate Wal-Han Wavy listed as the front, though he's not accused of crimes. Commissioner Steven DeMeto called it a marathon chase through a tangled web designed to hide crime proceeds. Past efforts failed, but new evidence and law changes scrapped a six-year recovery limit, letting them act now.

1:02This ties back to Obeyds' conviction for corruption and a coal deal that netted him $30 million. The Bankstown site, home to a rundown function center in shops, could be worth up to $60 million with the family trust eyeing half. They shuffled shares to Weba in 2018, amid heavy scrutiny, using legal accounting tricks to keep their names off public records. DeMeto says this restraining order is just the start, with long legal fights ahead. He's urging Obey Corporation directors to return the tainted money to New South Wales taxpayers, or face the term in court battles to lock it away for. Good. The Daily News Now is presented by our sponsor. A pillow that sounds as good as it feels, built for listening in bed, S-O-L-I, solelypillow.com.