Former NSW premier Nick Greiner.
Former NSW premier Nick Greiner.
FORMER New South Wales premier Nick Greiner has been accused of involvement in a conspiracy to cheat a Swiss investment company out of at least $25 million.
The Swiss group has launched legal action in the Federal Court challenging transactions involving two companies of which Mr Greiner is a director.
Pala Investments of Zug, Switzerland, has taken issue with the way a company that it sold to one company last year was on-sold to another Greiner-linked company barely seven hours later.
Private Equity firm Castle Harlan bought Norcast, a mining products manufacturer, from the Swiss group for $US190 million (about $A185 million). It then sold it to engineering group Bradken for $202 million.
Mr Greiner is both the chairman of Bradken and a director of Castle Harlan's Australian affiliate, CHAMP.