Accountant Sid Sassine's job 'to hide' name of Eddie Obeid and family, ICAC hears Chartered Accountant Sid Sassine pictured at his office in Sydney. Picture: Renee Nowytarger Source: The Australian AN accountant for the Obeids has admitted to a corruption inquiry that his job included hiding the family's name from the public. Sydney accountant Sid Sassine was giving evidence at an Independent Commission Against Corruption (ICAC) inquiry into an allegedly rigged tender process for coal exploration licences in the Bylong Valley in 2008. It's claimed that former NSW Labor minister Ian Macdonald, 63, rorted the bid process for the benefit of former Labor powerbroker Eddie Obeid. Today, Mr Sassine denied he was a "frontman" for the family, but conceded his role as their accountant involved hiding the Obeid name from the public. "My role there is to conceal, yes, to hide the name Obeid from the general public," he said. The inquiry was told that the Obeids had more than 20 trusts to structure their financial affairs. Mr Sassine said the large number of trusts were necessary because the Obeids' affairs had previously been "fragmented." "Are you agreeing with me that it was fragmented because there were too many trusts and you set about creating more trusts," counsel assisting the commissioner, Geoffrey Watson, SC, asked the witness. "In a structured way, yes," Mr Sassine replied. The inquiry heard that money from a profitable Obeid company had made its way into the family's trust accounts. ICAC was also told that $4.6 million in tax had been paid on a $25 million payment to the Obeids relating to a payout on a mining venture in the Bylong Valley. So the 25 million dollars was more or less pure profit? Mr Watson asked the witness. "Yes," Mr Sassine replied. And only $4.6 million has been paid as tax on it, is that right? Mr Watson asked. "Yes," Mr Sassine said. He conceded to Mr Watson that he regularly found "anomalies" in the Obeids' financials. The inquiry continues before commissioner David Ipp.