Yellow Brick Road broker suspended following ICAC revelations

by Mackenzie McCarty03 Dec 2012

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.”

 

COMMENTS

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

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

  • by SteveL 30/11/2012 1:41:10 PM

    Crikey

  • by Coast Broker 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