not holding water...
.The board of the Obeid-linked company Australian Water Holdings considered paying a $1 million bonus to Liberal lobbyist Michael Photios that would not appear as part of a ''formal compensation arrangement'', the Independent Commission Against Corruption has heard.
Documents tendered at the ICAC on Wednesday show the board, including Senator Arthur Sinodinos, resolved to pay Mr Photios $5000 a month for consultancy services.
The board also considered paying Mr Photios, a former NSW Liberal Party vice-president and registered lobbyist, a $1 million bonus ''on financial close'' of a proposed public-private partnership between the company and the NSW government.
A draft motion put before the board on January 27, 2011, resolved that Senator Sinodinos and the AWH chief executive Nick Di Girolamo would ''negotiate with Michael Photios on [the $1 million bonus] … such that it would not form part of any formal compensation arrangement with AWH''.
''I don't know,'' Mr MacGregor Fraser replied.
Mr Watson said it was unclear whether ''Mr Photios even knew that this proposal was there'' and the motion was not passed.
''What could Mr Photios do which led, would lead, to him receiving $1 million?'' Mr Watson asked.
''I do not know,'' Mr MacGregor Fraser replied.
The ICAC is investigating whether corrupt former Labor minister Eddie Obeid misused his political position in an attempt to secure a public-private partnership between AWH and the state-owned Sydney Water, which would have reaped up to $60 million for his family. The inquiry has heard the Obeids had a 30 per cent ''secret shareholding'' in AWH, although the family insists its $3 million investment was a loan.
Read more: http://www.smh.com.au/nsw/awh-board-considered-paying-1m-bonus-to-liberal-lobbyist-20140319-352zk.html#ixzz2wSFeHGN1