"I haven't worked for any authorities body or even at the time experienced official work with a general public business in PNG."

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It's by now sparked controversy in PNG with politicians raising issues about how the $43 million fund, which belonged to the government-owned entity often known as the Motorized vehicle Insurances Restricted (MVIL), was sent out with the country in 2009.

The revelations have emerged from a row in excess of $forty three million of PNG government funds which was squirrelled absent in a little country bank branch in Lismore in northern NSW.

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"If I'd the good thing about hindsight at the time I would have taken reverse positions and been hailed like a hero," McNamara explained. "During the events which happened my self-confidence inside the power in the Australian financial system and its markets was not justified and I misplaced my client cash.

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And a firm they directed also paid out many hundreds of thousands of dollars in the referral or introduction cost to your previous PNG primary minister's son in link with obtaining the deal to invest the resources.

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Justice Stevenson agreed with Woodlawn's submissions that Mr Hazard's propositions were generic and didn't express any strategy that may have been adopted to achieve a neutral overall performance.