But Woodlawn had not received the licence, arguing it had been performing only as the Australian agent for your investor and that it were provided authorized advice to mirror this actuality.

He said the one capability he experienced acted in was "introducing men and women to possible opportunities in PNG".

"With volatility spiking it was challenging to argue that the Australian market would not come to be embroiled in an intense selloff," Mr Risk explained.

The company also paid a large referral or introduction charge to sports activities administrator Malcolm Giheno – the son of former prime minister John Giheno – in relation to the business getting to commit the money, Fairfax has learnt.

Mr Risk alleged it did this by resulting in the organization to have "large detrimental notional publicity to your falling market, with the acquiring of potential contracts, the promoting of Index Put Solutions and equities in predominantlyresource concentrated corporations amid other strategies".

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And a business they directed also paid out many hundreds of A large number of dollars in the referral or introduction cost to the previous PNG key minister's son in relationship with getting the offer to invest the funds.

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The money is currently the topic of a courtroom case in NSW involving the money administrators and Papua New Guinea's third-occasion motor vehicle insurance company, which owns The cash.

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Two Sydney money professionals have demanded about $23 million in costs for two several years do the job investing Papua New Guinea taxpayer resources, some of which dropped in value by about $ten million.