The Supreme Court has overturned findings of corruption against RAMS Home Loans founder John Kinghorn but has upheld those against four associates, including mining magnate Travers Duncan.

The court quashed the ICAC’s corruption findings against businessman John Kinghorn over his involvement a mining venture linked to disgraced Labor figure Eddie Obeid.

But it has upheld the watchdog’s findings against four of his associates, including Mr Duncan.

The RAMS Home Loans founder, as well as Duncan and their associates John McGuigan, Richard Poole and John Atkinson, launched legal action against the Independent Commission Against Corruption (ICAC) following its July 2013 findings of corrupt conduct.

The ICAC found former mining minister Ian Macdonald had rigged a 2008 tender process to grant a coal licence over land at Mount Penny in the Bylong Valley, which was owned by former Labor powerbroker Eddie Obeid.

It enabled the Obeid family to make $30 million, with the prospect of pocketing at least $70 million more.

Kinghorn, Duncan, Poole, McGuigan and Atkinson were all involved with Cascade Coal, which took over the tenement in 2009.

The ICAC found they acted corruptly by withholding information about the Obeid family’s link to the tenement when they were on the verge of a $500 million dollar takeover by White Energy.

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