The court docket has also read crucial evidence with regards to the performance of Woodlawn Capital in handling the fund, which dropped in worth from about $43 million to about $30 million.
He stated the only potential he experienced acted in was "introducing folks to prospective options in PNG".
"With volatility spiking it was tricky to argue the Australian market wouldn't develop into embroiled in an intense selloff," Mr Danger stated.
The organization officer answerable for getting the positions was McNamara, who explained to the court docket he experienced experienced unjustifiable assurance in the strength from the Australian economic system.
The revelations have emerged from a row more than $forty three million of PNG govt income that was squirrelled absent in a small state bank branch in Lismore in northern NSW.
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"I'm presented a price to the introduction but which is it. I usually do not negotiate or Perform an Lively purpose in any of this".
He also uncovered that Woodland Funds had engaged in "misleading carry out" since it didn't have an suitable economical services management licence when it absolutely was controlling The cash.
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Justice Stevenson agreed with Woodlawn's submissions that Mr Hazard's propositions were being generic and didn't express any strategy that may are already adopted to obtain a neutral efficiency.