Coroner & Legal
How Sinodinos stood to gain about $20 million. Arthur’s financial woes …
Arthur Sinodinos became one of four directors of Australian Water Holdings in October 2008. He became treasurer of the NSW branch of the Liberal Party in May 2009.
■ While a Liberal Party executive, Sinodinos was given a 5 per cent share in AWH at no cost. He was to be rewarded with another 2.5 per cent if the soon-to-be- elected NSW Liberal government approved the PPP proposal. This would have made Sinodinos up to $20 million richer.
■ The ICAC has heard evidence that not only was Sinodinos hired to ”open lines of communication with the Liberal Party” but that ”he tried to do so”.
■ Sinodinos’ salary of $200,000 , for 100 hours’ work a year, was being paid by Sydney Water.
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• Kate McClymont, Fairfax, Friday: Arthur Sinodinos’ financial woes: Three children, two car leases and a harbour view to pay for Those who know Sinodinos say that once he decided to become a senator he had a limited amount of time to make money, and that is why the $200,000 per year on offer from Australian Water Holdings was too good to pass up. Although he was alarmed to find Eddie Obeid’s son at the company, Sinodinos has told others he was assured there was no other Obeid involvement. As it turns out, the Obeids purchased 30 per cent of the company in 2010 while Sinodinos was a director. The $3 million the Obeids used to buy in came from the tainted proceeds of a coal deal, which has already been deemed to be corrupt by the Independent Commission Against Corruption. Senior public servants also claim to have warned Sinodinos about the extraordinary expenses AWH was charging back to Sydney Water.