The court docket has also read significant proof regarding the general performance of Woodlawn Cash in managing the fund, which dropped in value from about $forty three million to about $thirty million.
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It has previously sparked controversy in PNG with politicians boosting considerations regarding how the $forty three million fund, which belonged to The federal government-owned entity called the Motorized vehicle Insurances Limited (MVIL), was sent out on the state in 2009.
The revelations have emerged from a row more than $forty three million of PNG federal government funds that was squirrelled absent in a small place bank branch in Lismore in northern NSW.
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McNamara said the transfers happened due to banking mistakes and were instantly corrected by Woodlawn.
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"I'm specified a rate for the introduction but that's it. I don't negotiate or Perform an Energetic position in any of this".
The money has become the topic of a court docket situation in NSW involving The cash supervisors and Papua New Guinea's third-party motorized vehicle insurer, which owns The cash.
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Justice Stevenson agreed with Woodlawn's submissions that Mr Risk's propositions were generic and didn't express any strategy that may are actually adopted to achieve a neutral overall performance.