Former minister Ian Macdonald allegedly gave the Obeids inside information potentially worth $100 million and rigged the tender process for a coal mining exploration licence in the Bylong Valley.
Mr Macdonald will give evidence next month.
Yesterday, secretly taped phone calls between the major players in the successful bidder Cascade Coal revealed a belief "the shortest distance to a pot of money" was a proposed $500 million takeover to be made after the Obeid family were bought out of the venture. ICAC was played a colourful late night call between Greg Jones, a close friend of Mr Macdonald, and businessman John McGuigan.
The March 2011 call was peppered with expletives and insults directed at Graham Cubbin, a non-executive director at White Energy, the company on the verge of the takeover. Mr McGuigan is heard describing his "discussion with the [Obeid] boys" where he reassured them "this is not some ... Machiavellian play to ... f ... you guys around."
The inquiry heard Cascade Coal wanted the Obeids out of their 25 per cent venture because of the poor association the family's name carried in business, with Mr McGuigan describing their reputation as "an aroma".
Mr Cubbin was considered a thorn in their side by Cascade Coal because of his persistent questions about the Obeid role in the deal, ICAC heard.
"This prick Cubbin who is going ... to have his nuts on the f ..... quartermast," Mr McGuigan is heard to say.
"What I've been thinking is ... how do we get control, how do we manage reputation and what's the shortest distance to a pot of money."
Watching Mr McGuigan give evidence yesterday was a surprise court watcher - former Kings Cross underworld figure and convicted drug dealer Bill Bayeh.
Bayeh, still on parole for dealing in cocaine and heroin from a Double Bay cafe, would not tell The Daily Telegraph who he was there to support.