A spectacular boat explosion, pointed guns, BRW rich listers and secret shareholdings in the British Virgin Islands are just some of the intriguing elements involving former government ministers, investors and controversial coalmining deals worth tens of millions of dollars.

The dramatic allegations of corruption against three former Labor ministers - Eddie Obeid, Ian Macdonald and Eric Roozendaal - are now part of an inquiry that will begin on November 1 and run at least until April.

At the heart of the investigations by the Independent Commission Against Corruption are the mysterious dealings involving the granting of coal exploration licences to friends and associates of the family of Labor kingpin Eddie Obeid, who quit politics last year.

Also under scrutiny is the disgraced former mining minister Ian Macdonald, whose department was responsible for awarding the licences. This will be the second ICAC inquiry into Mr Macdonald's alleged abuse of his government position to do favours for mates.

Last Friday ICAC began serving summonses on witnesses to give evidence at a public inquiry. Apart from the main players Mr Obeid, Mr Macdonald and Mr Roozendaal, the only one still in Parliament, there is a fascinating cast of support players.

Take Sydney playboy Justin Kennedy Lewis, 41, who is a close friend of Eddie Obeid's son Moses. Mr Lewis was one of those who, along with the Obeid family, bought land in the Bylong Valley, near Mudgee.

Like the Obeid family, Mr Lewis later received a multi-million-dollar windfall from Cascade Coal for an option over his property.

Friends of Moses Obeid claim he was furious when Mr Lewis then splashed out on a $500,000 Lamborghini Gallardo. ''Mo said it was stupid of him to do that because it drew attention to himself,'' said an associate.

Documents tendered in a recent court case involving the Obeids show that in October 2010 an Obeid trust company made a $100,000 payment to Mr Lewis.

The previous year Mr Lewis received a $300,000 insurance payout after his seven-metre luxury yacht was destroyed by fire while in dry dock at the Rozelle Bay Superyacht Marina.

Associates of the Obeids have said the coalmining venture was an ill-kept secret and some of those who are alleged to have invested in it are colourful figures and sporting identities who are unhappy at the way things have panned out.

One insider has told the Herald he had a gun pointed at him in broad daylight after tensions boiled over. ''Do you have any f---ing idea who you are dealing with!'' he was told.

Of particular interest to the inquiry will be the identities of the investors in Cascade Coal, a private company that tried to sell its two coal licences - acquired for $1 million - to the publicly listed White Energy for $500 million.

Travers Duncan, Brian Flannery, John McGuigan, John Atkinson and John Kinghorn, through associated companies, were shareholders in Cascade Coal but they were also directors of White Energy. Duncan and Flannery are BRW rich-listers.

A backlash by White Energy shareholders resulted in the deal, which would have netted the five an estimated $60 million each, being scrapped. But who was to pocket the rest of the Cascade windfall remains a mystery as 40 per cent of the company is hidden through nominee companies.

When asked the identity of the other shareholders, Mr McGuigan said this year: ''There's a bunch of, you know, well-known business people … I am not going into that because it is a private company.''

Also of interest to the commission will be the Obeid associate Andrew Kaidbay.

While working as a mortgage broker at Yellow Brick Road with Mark Bouris's son Dane, Mr Kaidbay's $1 company successfully tendered for three of the 11 licences, despite having no experience in the resources industry.

Mr Kaidbay proceeded with only one licence. Shortly after its acquisition he sold most of his stake for $2.4 million to a big player, Coalworks.

Again, the identity of the shareholders, who still hold a minority stake in this coal licence and stand to make tens of millions of dollars if a mine goes into production, are hidden behind various companies.

One of these is registered at the office of the Obeid family's long-time accountant, Sid Sassine. The other is a company registered in the British Virgin Islands which belongs to Gardner Brook, an elusive merchant banker now living in Singapore. Mr Brook, then a Lehman Brothers executive, promised one prospective tenderer an inside run on the controversial Macdonald tender.

Black Loans, Burnt Boats & Fast Cars