The previous Liberal-National state government led by Colin Barnett formulated a settlement plan that involved forcing legislation through. Parliament heard that the government was considering a dismemberment that would have brought in $ 700 million to ICWA, $ 480 million to BGNV, $ 430 million to the IRS and $ 55 million to Bond Group UK.
The Barnett government passed the controversial law in 2016, only to have the laws declared invalid by the High Court.
ICWA has played a key role in bringing the international legal feud to the brink of settlement by pushing for a single case in the WA Supreme Court.
WA Treasurer Ben Wyatt said he praised ICWA for its efforts to end the costly legal saga, which dates back to the so-called WA Inc era scandals involving the then Labor government, Mr. Bond and other discredited businessmen.
“The Bell litigation has long been a distraction and consumed an excessive amount of time and resources for all parties,” he said.
“I hope this represents the beginning of the end for Bell and that the matter is resolved in the best interests of the taxpayers of WA.”
Mr Bond, who died in 2015, was jailed for his role in removing assets from Bell after taking control of the gem of Robert Holmes Court’s business empire.
BGNV, backed by Mr Reijtenbagh, was previously involved in a legal skirmish with Bell Group liquidator Tony Woodings and ICWA over a litigation funding agreement and the priority of payment of junk bonds held by the ‘ICWA.
ICWA has spent hundreds of millions of dollars to support Mr. Woodings in suing a syndicate of banks which, acting on bad mortgages, appointed receivers to take control of Bell from Alan Bond in 1991. The receivers have then stripped Bell of about $ 280 million.
When the banks gave in to legal pressure from Mr Woodings and the commission, payment for the settlement had to be shared among the creditors.
However, the money remained intact amid disputes involving creditors that now appeared to have been resolved.