i didn't know i had $7.5mill in my account..

IT'S the $7.5 million question - that's the cash that passed through housewife Amanda Poole's bank account to allegedly pay the family of ALP powerbroker Eddie Obeid.

But Mrs Poole told the ICAC corruption inquiry yesterday it would have to ask her husband Richard what it was for - she only uses credit cards.

The Dover Heights socialite could not explain how or why such a large amount of cash had been transferred out of her personal account.

Appearing before the inquiry into the awarding of the Mt Penny coal exploration licence in 2009, the 43-year-old said her account was only ever used by her husband, an investment banker, for his business.

Bank statements were sent to his office and "I only ever use my credit card because I get Frequent Flyer points".

When shown her tax return, which indicated she had earned "just under $6 million" last year, Mrs Poole was also at a loss to explain her wealth.


"I don't know how much I've earned. It must have been from the sale of shares," she said.

In October 2010 alone, a total of $8 million was withdrawn from Mrs Poole's personal account. Counsel assisting the inquiry Geoffrey Watson asked her if this was "just a standard month's share transactions ... seven or eight million dollars?".

"I don't know," Mrs Poole replied.

The inquiry has heard $7.5 million was paid to the Obeids, with one tranche of $5 million credited to the lawyer who was the trustee for the Obeid family trust, as well as other payments.

The corruption watchdog is investigating whether the Obeids obtained inside information from then resources minister Ian Macdonald that allowed them to buy farms in the Mt Penny area before the coal exploration licences were revealed.

ICAC has also heard the Obeids allegedly arranged a secret interest in Cascade Coal - the winning bidder - and that the $7.5 million was part of a larger $30 million payment to remove them from the company.

Mrs Poole told ICAC that, after the $7.5 million payment was reported in the media during the inquiry, she asked her husband about it.

"I said: 'Where did this go?' and he said: 'There was no payment made to the Obeids'. I believe it went somewhere else. I don't know where," she said.

Richard Poole yesterday told the inquiry he had organised the transfer of $5 million from his wife's account to law firm Lands Legal, which was acting for a company called South East Investments.

Mr Poole said he was "never advised legally" who was behind South East but he "had strong suspicions" it was Moses Obeid.

Mr Poole denied he had lied to the inquiry when he said he had no idea the Obeids were behind another company, Buffalo Resources, which had a 25 per cent stake in Cascade Coal.

Mr Poole will continue giving evidence today.