Senator Arthur Sinodinos's $200k salary kept secret from Australian Water Holdings investors, ICAC hears
Shareholders in a company once chaired by Senator Arthur Sinodinos were not made aware of his salary or the firm's finances, the New South Wales corruption watchdog has been told.
Senator Sinodinos stood down as assistant treasurer on Wednesday over the inquiry by the Independent Commission Against Corruption (ICAC) into Australian Water Holdings (AWH).
The senator was on the AWH board until he resigned to enter Federal Parliament in 2011.
AWH shareholder Anthony Karam took the stand to tell of his $500,000 investment in the firm.
"You're a savvy investor, aren't you?" junior counsel assisting ICAC Greg O'Mahoney asked.
"Well I'm not if I'm here, am I?" Mr Karam replied.
Mr Karam told the inquiry he has had no financial return from his investment and that company financial records have been withheld from him.
As a result Mr Karam said he joined other AWH investors in a Federal Court case to sue the company and its directors.
Mr Karam told ICAC he was first asked to invest in AWH while having breakfast with his old school friend Eddie Obeid Jnr, the son of former Labor powerbroker Eddie Obeid, in 2007 near the Obeid family's offices at Birkenhead Point.
ICAC heard Mr Obeid Jnr told Mr Karam that their mutual school friend, Nick Di Girolamo, was in charge of AWH.