Disgraced former SELX director Rohan Arnold still holds a 44.9 per cent share in the Yass saleyards.
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But South Eastern Livestock Exchange (SELX) director Brendan Abbey says he is confident the shares will be acquired as "I've already got people lined up to buy them".
Arnold had earlier this month pleaded guilty at Sydney Central Local Court to conspiring to import the second-largest cocaine seizure in Australian history.
The Murrumbateman man faces a maximum penalty of life imprisonment on a single charge of conspiring to import 1.28 tonnes of cocaine into Australia, between January 18, 2017 and January 16, 2018.
Arnold was removed as director of SELX Operations and SELX Pty Ltd on February 13, 2019 but is still the largest shareholder of both, with a 44.9 per cent share through his private company SELX Holdings, of which he is listed as director and secretary.
SELX Pty Ltd is the parent company of SELX Operations and Western Victoria Livestock Exchange (WVLX) in Mortlake. Arnold was removed as a director of WVLX on the same day he was removed as a director of SELX.
SELX directors including Yass Valley mayor Rowena Abbey and her husband Brendan had been trying to remove Arnold as a director since his arrest, they said.
Mr Abbey said the board of directors was in the process of buying out Arnold's 44.9 per cent share.
An Australian Federal Police (AFP) spokesperson said they wouldn't speculate whether SELX or WVLX would be considered as proceeds to crime.
Arnold was also a director alongside the Abbeys in the company behind the proposed service centre, Yass Industrial Park on Yass Valley Way.
However, Arnold was removed from Yass Industrial Park on November 8, 2018 and Mr Abbey told the Tribune he had bought Arnold's share.
Despite Yass Valley Council approving the rezoning of the land on Yass Valley Way to allow the service centre early last year, and Arnold resigning as director, no new development application has been lodged to build the proposed station on the Hume Highway since.
A for-sale sign was on the rezoned land in May, but Mr Abbey said it related to one hectare associated with Roads and Maritime Services.
The land is for sale with Yass Valley Property. Agency principal Andrew Curlewis confirmed the land zoned SP2 Infrastructure (roads) was owned by RMS.
Arnold is still listed as the director and secretary of nine other companies, many of which hold his name, including Arnold Consulting Services Pty Ltd, Arnold Trading Pty Ltd and steel manufacturer Arnold Contracting (NO2) Pty Ltd, formerly S4Steel Pty Limited, which is currently under external administration.
He was apprehended during a dramatic gunpoint arrest in a Serbian hotel in January last year, over his role in the importation of 1.28 tonnes of the illicit substance, hidden inside hollow prefabricated steel on a container boat in April 2017.
