"I believe these findings are not justified by the evidence," he told Channel 9.
"When it is carefully read and analysed, and I will be seeking a review of this through the court process in the near future."
The Independent Commission Against Corruption (ICAC) has recommended the DPP consider prosecuting Mr Macdonald and Mr Obeid for conspiracy to defraud and misconduct in public office.
Mr Obeid's son, Moses, and a number of high-profile businessmen have also been implicated in the granting of a coal licence over land at Mount Penny, owned by the Obeid family.
WATCH: Analysis - ICAC findings
The rigged deal enabled the Obeids to make $30 million, with the prospect of earning at least $70 million more.
Eddie and Moses Obeid have called the ICAC report superficial and biased
In a statement issued less than an hour after the ICAC findings, Mr Obeid rejected the assertions by the commissioner, David Ipp, that he engaged in any corrupt conduct.
The Obeids have also indicated they intend to fight the allegations through the court.
NSW Opposition Leader John Robertson says he has been disgusted by the evidence that came out of ICAC.
"What we have seen is an appalling abuse of public trust to advance personal interest," he told reporters.
"I want to see these people prosecuted and feel the full brunt of the law, and if found guilty serve time."
Mr Robertson called on NSW Premier Barry O'Farrell to appoint a special prosecutor to take the matters through court.
"No stone should be left unturned and no effort should be reserved in ensuring we see all of these individuals feel the full brunt of the law before our court system," he said.
Mr Robertson said Mr Obeid and Mr Macdonald had "used and abused public trust in the position they held under the banner of the Labor party".
"I have nothing but disdain for their actions and each of them," he said.
Asked if Labor could come back from (the) findings, which Mr Robertson himself acknowledged were damning, he replied: "This is a party that has got a proud 120-year history. The reforms that I have put in place will ensure that we never have people like this in our party again.
"Of course, with hard work and continued efforts we will come back from this."
Senior Labor minister Kim Carr says ICAC's corruption findings against two former Labor MPs have "nothing to do" with the ALP nationally.
"It has nothing to do with federal Labor, nothing whatsoever," he told reporters in Canberra on Wednesday.
"It is certainly the position of the Labor government in Canberra that we will not tolerate corruption."
Senator Carr said the public had the right to expect all their politicians to "behave honourably" with the "utmost integrity".
THE ICAC FINDINGS - WHAT THEY SAID:
"Today is a black day in the history of the Labor party. Mr Rudd needs to come clean about all the dealings the senior members of his government have had with Mr Obeid and Mr Macdonald." Federal Opposition leader Tony Abbott.
"I've been disgusted by what I've seen before ICAC and anyone responsible for corrupt behaviour should face the full force of the law." Prime Minister Kevin Rudd.
"It has nothing to do with federal Labor, nothing whatsoever," Federal minister Kim Carr doesn't believe the Rudd government's chances at the upcoming election will be affected by corruption findings.
"No stone should be left unturned and no effort should be reserved in ensuring we see all of these individuals feel the full brunt of the law before our court system. I have nothing but disdain for their actions and each of them." NSW Labor leader John Robertson.
"Edward Obeid Sr was an unimpressive witness. The Commission would be hesitant in accepting his evidence on any contentious issue. He was an aggressive witness and seemed to be more concerned with imposing his will on the proceedings than with simply telling the truth." ICAC Commissioner David Ipp in the report.
"I reject the assertions by the Commissioner that I acted in any way that could amount to corrupt conduct." Former NSW Labor powerbroker Eddie Obeid.
"The allegations against me are strongly denied as is any suggestion that I have acted corruptly." Eddie Obeid's son Moses Obeid.
"I have always maintained that I acted appropriately and ethically during my Parliamentary career and in the best interests of the people of NSW. I am glad we can move on now." Former Labor minister Eric Roozendaal after the ICAC cleared him.
Share
