AAP


Moses Obeid has agreed that decisions taken by former NSW Labor minister Ian Macdonald stood to benefit the Obeid family to the tune of $75 million.


The son of former Labor minister and powerbroker Eddie Obeid quibbled about a suggested potential profit of $100 million when he appeared at an Independent Commission Against Corruption (ICAC) inquiry in Sydney on Thursday.


But when taken step by step through four properties in the coal-rich NSW Bylong Valley, 150km west of Newcastle, and the potential profit that the Obeid family could gain from each, he agreed on the approximate $75 million figure.


When that amount was put to him by counsel assisting the commissioner, Geoffrey Watson SC, Moses Obeid replied, "I don't disagree with you, Mr Watson."


The main potential profit of around $60 million stood to come from the Mt Petty coal tenement, with another $10 million from Cherrydale Park and millions more from Coggan Creek and Yarrawah.


Moses Obeid also admitted that information from Mr Macdonald had enabled the Obeid family to make millions of dollars in profits.


He said he had shared this information with several of his brothers but added, "I don't recall speaking to Dad about it."


Moses Obeid also agreed he had acted as a "point of contact" between the minister and the Obeid family.


ICAC is investigating claims that Mr Macdonald rigged a 2008 tender process for coal exploration licences in the Bylong Valley.


It is also investigating whether Eddie Obeid and his family gained substantial financial benefit from it.


Eddie Obeid is expected to give evidence at the inquiry later on Thursday or Friday.