Yellow Brick Road broker suspended following ICAC revelations

  • feed
  • Google+
by |

Yellow Brick Road mortgage broker Andrew Kaidbay has been suspended from the firm, following revelations that he lied at an on-going corruption hearing.

Up until last week, Kaidbay was a broker at YBR Wealth Management. However, a company spokeswoman has told media that his contract’s been suspended pending the outcome of the Independent Commission Against Corruption hearing.

The commission is currently investigating whether powerbroker Eddie Obeid’s family used inside information from the then mining minister, Ian Macdonald, to gains tens of millions of dollars in profit.

Kaidbay is said to have been at the centre of the enquiry and has been revealed to have been working as a ''front'' for the Obeids in order to disguise their interests in various coal deals.

He admits that he was representing the interests of the Obeids, but says it was not to disguise the family's involvement. Rather, he says, ''it was to maintain their privacy.”

 

  • Maria on 3/12/2012 12:26:32 PM

    When will people learn not to paint everyone with the same brush.

  • Coast Broker on 3/12/2012 9:52:06 AM

    Not good for YBR. Maybe the have the policy of taking on anyone to try and build the brand

  • SteveL on 30/11/2012 1:41:10 PM

    Crikey

  • Jim Adams on 30/11/2012 11:59:46 AM

    Dear me - not a good recommendation for YBR's vetting proceedures.

Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions