AFTER two high-powered public inquiries and court hearings, no one has been held accountable for $152 million in losses of the NSW Grains Board.

This week marks 10 years since the first reports emerged of substantial losses incurred by the statutory authority, which held monopolies on the marketing of canola, barley and sorghum in NSW.

In July 2000, it was revealed the NSWGB owed $3 million to Water Wheel Mills Pty Limited at Bridgewater in Victoria and $5.5 million to NSW oilseed crusher Seedex/Meggitt group on grain deals that had gone wrong.

By October 2001, NSWGB administrator Murray Smith had estimated losses at $152 million, making it one of Australian agriculture's greatest financial disasters.

As the debacle unfolded, the NSW Parliament's Public Accounts Committee and the Independent Commission Against Corruption both ran hearings into the NSWGB.

Former NSWGB accountant Greg Broadfoot told the ICAC inquiry that grains board profits were allegedly inflated on the orders of former managing director Graham Lawrence and Melbourne-based former chief financial officer John Fitzgerald, despite concerns from grains board officers the authority was making a loss.

In August 2003, the commission found Mr Lawrence, Mr Fitzgerald, Mr Broadfoot and NSWGB Queensland manager Darren Bizzell had engaged in corrupt conduct and that charges should be laid against all, except for Mr Broadfoot.

But it took the Office of the Director of Public Prosecutions until late 2008 to bring fraud and deception charges against Mr Lawrence and Mr Fitzgerald.

According to the ODPP, it was relying on the evidence of Mr Broadfoot to prosecute its case against Mr Lawrence and Mr Fitzgerald.

But Mr Broadfoot died in October 2009, after a long illness, and the NSW Local Court ruled in February this year that his evidence was inadmissible under Section 65 of the NSW Evidence Act 1995.

A ODPP spokeswoman said last week the Crown had no option but to withdraw the case.

"It must be noted that the matter was withdrawn, not discharged or acquitted, and as such, could be reinstated should further evidence become available," she said.

The spokeswoman said evidence at public inquiries was not always admissible in courts and several requests were made of the ICAC for more admissible evidence since 2003.

An ICAC spokeswoman said inquiries for information"can take some time" before evidence was provided.