The court has also read important evidence regarding the overall performance of Woodlawn Cash in controlling the fund, which dropped in value from about $forty three million to about $30 million.
He claimed the sole capacity he experienced acted in was "introducing people to potential alternatives in PNG".
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The corporate also compensated a large referral or introduction price to sports administrator Malcolm Giheno – the son of former prime minister John Giheno – in relation to the business attending to spend the resources, Fairfax has learnt.
The revelations have emerged from a row above $43 million of PNG governing administration dollars that was squirrelled absent in a small country bank department in Lismore in northern NSW.
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The cash is now the subject of a court situation in NSW involving the money professionals and Papua New Guinea's third-occasion motorized vehicle insurance provider, which owns The cash.
Mr Giheno, when contacted final week and requested why he acquired a referral rate, said it was a make a difference prior to the courts and he did not have Considerably to state.
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Two Sydney money professionals have demanded about $23 million in service fees for two decades work investing Papua New Guinea taxpayer funds, a few of which dropped in worth by about $10 million.