The state's Independent Commission Against Corruption has recommended charges be laid against Mr Obeid, former Resources Minister Ian Macdonald and several businessmen over their involvement in a coal mine in the NSW Hunter Valley.
Now it's up to the Director of Public Prosecutions to see if there's enough evidence to take the men to trial.
But that process is not straight forward and it could take time.
Former Labor powerbroker Eddie Obeid says if his case goes to court, he's ready to fight.
"We will pursue this through every court in the land to prove that we're innocent, we've done nothing wrong and this has been just a political witch hunt. It was a sham inquiry. The conclusion was expected from the opening statement by the assistant counsel. We look forward that the DPP picks this up and takes it to the Supreme Court. That's the only way we will be able to bring on the evidence and the truth of what's behind this."
ICAC commissioner David Ipp has recommended Mr Obeid, his son Moses and former Resources Minister Ian Macdonald be considered by the DPP for prosecution over their involvement in the tender process in 2008 for the Mount Penny coal mine.
Mr Macdonald was accused of rigging the tender process in granting a coal mining exploration licence on land owned by Mr Obeid's family at Mount Penny in the Bylong Valley.
Mr Obeid and his family were accused of making $30 million from the granting of the exploration licence.
The Obeids were also accused of disguising their 25 per cent stake in Cascade Coal which won the right to explore coal at Mount Penny.
But much of the evidence given in ICAC hearings would not be admissible in court.
Former ICAC commissioner Jerrold Cripps explains.
"At common law everyone has a right not to self-incriminate. They can refuse to answer questions, the answers to which could have the tendency to incriminate them. Now for ICAC to be successful as an institution it has to be able to get information from people and people are not allowed to refuse to answer questions. However parliament has decided that the quid pro quo for that is well, they've got to answer those questions for the purpose of establishing whether or not there's corruption but those questions and answers cannot be used for criminal proceedings."
So now it's up to the Director of Public Prosecutions to sift through the evidence gained by ICAC to see what would hold up in a court of law.
Former New South Wales Director of Public Prosecutions Nicholas Cowdery says that could take time.
"Now hopefully the lawyers at the ICAC have done that exercise and the recommendations that have come from the ICAC are based only on evidence that will be legally admissible. But that's for the DPP to look at and to determine and to be satisfied about before it makes any decision to proceed with prosecution."
The DPP can also get around the restrictions by using the statements made to ICAC to find supporting, admissable evidence another way.
Former ICAC commissioner Jerrold Cripps says it's important criminal charges are ultimately laid against the former Labor ministers and businessmen to show no-one is above the law.
Mr Cripps also admits criminal proceedings are important to prove corruption inquiries have a purporse.
"Yes well I think it does touch upon that but I think people should bear this in mind: that the ICAC is an institution that's established for the purpose for disclosing and preventing corruption. It's not a law enforcement agency as such like the Crime Commission is. Now if people don't use the material that the ICAC collect that's unfortunate but that's not the end of the story. You'd think that the people of New South Wales would prefer to know what corrupt conduct has been going on than not to know it at all."
Former New South Wales DPP Nicholas Cowdery says he's confident the men will go to trial eventually.
But he says the high profile ICAC hearings may change the way cases are heard.
"Because the ICAC proceedings have been taking place in the glare of the public spotlight people have been very fully informed about all of this material including some material that may not be abdmissable through the criminal defence and there is the risk of prejudicial publicity affecting the ability to have a fair trial in relation to these matters. But there are ways around this."
In the meantime, the New South Wales Crime Commission and the Australian Tax Office are in discussion about the potential for recovering money in wake of the ICAC findings.
ICAC Commissioner David Ipp flagged the potential forfeiture of assets as a result of the investigation.
New South Wales Premier Barry O'Farrell says again, that could take time.
"As I understand it, the New South Wales Crime Commission seizes the most of any of the state or federal crime commissions in relations to proceeds of crime or alleged proceeds of crime. They are not slow in coming forward. So I think we shouldn't get too excited about this yet. Allow the various agencies to do their work."
Speaking after the release of the interim findings, Eddie Obeid Obeid lashed out against former colleagues - New South Wales Labor leader John Robertson and that state's ALP boss and aspiring Senator Sam Dastyari.
"John Robertson and Sam Dastyari. I cannot believe these people who I supported, I mentored, I got them in their jobs they don't give me the benefit that every Australian should have? You're innocent until proven guilty."
Federal Labor continues to try to distance itself from the party's New South Wales disgrace by highlighting what the Prime Minister has proposed to increase transparency.
