Yellow Brick Road suspends mortgage broker over ICAC claims

Yellow Brick Road has suspended mortgage broker Andrew Kaidbay over allegations that he lied to a NSW corruption hearing.

Up until yesterday Kaidbay operated out of the Yellow Brick Road Rose Bay office.

“Yellow Brick Road’s contracted relationship with Andrew Kaidbay has been suspended pending the outcome of the current enquiry,” a spokesperson for Yellow Brick Road told Property Observer.

Kaidbay gave testimony to the NSW Independent Commission Against Corruption hearing investigating whether the family of Labor powerbroker Eddie Obeid gained tens of million of dollars in profits from insider information from former NSW mining minister Ian Macdonald over plans to open a mining area in the Bylong Valley

Kaidbay worked as a ”front” for the Obeids to disguise their interests in various coal deals and through his former mortgage broking company, $1 Pty Ltd, won a lucrative coal licence, according to the Sydney Morning Herald.

In his evidence Kaidbay admitted that he was representing the interests of the Obeids, but this was not to disguise the family’s involvement but “maintain their privacy”.

For advice on navigating hotspots, download our free eBook: Tools for Getting Through the Hotspot Maze. This article first appeared on Property Observer.


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