On Thursday the Independent Commission Against Corruption released its long-awaited report on Operation Credo, its investigation into Obeid-linked company Australian Water Holdings.

The watchdog found Mr Tripodi was "doing Mr Obeid's bidding" in backing attempts by AWH to enter into a lucrative public-private partnership with the state government in 2010.

Similarly, "Mr Kelly was knowingly and improperly acting in accordance with what he understood to be the wishes of Edward Obeid Sr," the report said.

The ICAC found the Obeid family had a $3 million stake in AWH, despite their claims the money was advanced as a loan.

It said representations made in legal documents that the money was a loan were "false and were known to be false" by Mr Obeid's son Eddie junior and AWH's former chief executive and chairman, Nick Di Girolamo.

A string of witnesses who appeared before the ICAC, including Mr Di Girolamo, have escaped adverse findings.

Liberal Senator Arthur Sinodinos, a former chairman of AWH, was not expected to face corruption findings but has also escaped adverse comment in the report.

The ICAC found Obeid senior and his ministerial allies Mr Tripodi and Mr Kelly were involved in preparing a deceptive cabinet minute to support AWH's push for a multimillion-dollar public-private partnership.

It recommended the DPP consider charging the men with misconduct in public office.

Former Premier Barry O'Farrell famously resigned after his evidence that he did not receive a $3000 bottle of wine from Nick Di Girolamo was contradicted by a handwritten note.

The commission clears Mr O'Farrell of any wrongdoing and says "when he gave evidence on 16 April 2014, Mr O'Farrell had no recollection of receiving the wine".

"There is no evidence to the contrary. The Commission is satisfied that there was no intention on Mr O'Farrell's part to mislead the Commission on either occasion that he gave evidence."

This story first appeared in the Sydney Morning Herald.