Businessman Jones bets on Nile Bill to get him out of bankruptcy

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A businessman and a bon vivant of the eastern suburbs, Greg Jones has always been a man firmly convinced of the triumph of hope over experience.

Despite being an undischarged bankrupt who is due in court this week to try to push back another bankruptcy action, this time over unpaid tuition fees, Mr Jones continues to insure his bankruptcy trustee Bruce Gleeson. that at any time he will be back in the money.

Greg Jones leaving an ICAC hearing in 2013.
Credit:Nic walker

Mr Jones is optimistic that a private member’s bill introduced by Upper House MP Reverend Nile will pave the way for compensation to be paid to Cascade Coal, the mining company at the center of the scandal corruption for which Mr ami, former Mines Minister Ian Macdonald, is about to be jailed.

In 2014, Cascade and another company, NuCoal Resources, had their exploration licenses canceled following corrupt disclosures against then Minister Macdonald.

Mr Jones, 68, was once very wealthy, pocketing an estimated $ 44 million off the back of his friend John Kinghorn floating from RAMS Home Loans in 2007. What followed was a whirlwind of excess: lavish homes, extravagant lunches and private hired planes to fly the flamboyant Mr Jones and his friends from one luxurious European location to another.

In 2009, Mr Jones bragged to his friends that he was on another “sure thing” – a coal mining deal involving his mate Macdonald. It was going to be “a multi-bagger” (short for bags of money), Mr Jones told them.

Mr Jones was preparing to withdraw $ 60 million from the deal and, based on evidence provided to the Independent Commission Against Corruption, it was suggested that Macdonald should get a $ 4 million cut in Mr. Jones.

In September 2009, just days before Cascade Coal was awarded the now infamous Mt Penny exploration permit, which covered the farm of Labor power broker Eddie Obeid, Mr Jones secretly bought shares in the private company. .

Fifteen days after the license was granted, Mr. Jones passed Macdonald $ 20,000, which he then characterized as a loan.


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