Television pioneer Reg Grundy has confirmed he made a $200,000 donation to the Free Enterprise Foundation, a Liberal Party-linked entity that has been scrutinised by the NSW Independent Commission Against Corruption, via a family-owned business.

Until now the source of the donation, one of the largest to be channelled to the Liberal Party through the Foundation, has remained a mystery.

The ABC can also reveal that federal Liberal Party director Brian Loughnane directed the Mr Grundy and his wife Joy to make the donation to the Free Enterprise Foundation, rather than directly to the party, to maintain their privacy.

The payment was made via Akira Investments Ltd, which is owned by the Grundys.

In a statement, Akira director Jo Cullen-Cronshaw said: "I made enquiries of Mr Brian Loughnane and was advised by him that the best way to maintain their privacy would be to make the donation through the Free Enterprise Foundation".

"As they are extremely private individuals they always prefer that any donation they make, political or philanthropic, remains anonymous."

Mr Loughnane declined to confirm making those instructions to the Grundys, but said all Liberal Party fundraising complied with the law and met all disclosure requirements.

The 2013 BRW Rich list estimated Grundy's fortune at $760 million.

The $200,000 donation from Akira Investments was listed by the Foundation among its donor disclosure filings to the Australian Electoral Commission for the year 2012-13.

Akira has failed to lodge a political disclosure donation form to the Commission as required by law. However the AEC is powerless to chase it for disclosures, as it has no international jurisdiction.

The Australian Tax Office would not confirm if it would investigate Akira Investments Ltd.

In a statement, the ATO indicated that any investigation into donations to political parties would be limited to reviewing any claims for tax deductions.

The $200,000 donation stands among the largest single amounts gifted to the Free Enterprise Foundation, described as "a tool for the Liberal Party" by Geoffrey Watson SC, Counsel Assisting ICAC, during his opening address on April 28.

An arrow points out 25 Boulevard Albert 1er, on Port Hercules in Monaco in 2012 ( AFP )

According to the Free Enterprise Foundation's AEC disclosure, Akira Investments' address is 'Les Caravelles, 25 Blvd Albert 1er, Monaco'.

Mr Grundy, who has a lifelong passion for wildlife photography, operates a wildlife photography agency at the same Monaco address, a prestige 16-storey waterfront high-rise. The agency's website notes Mr Grundy lives in Bermuda.

The agency website reflects the Grundy family's cherished wish for anonymity. "In the past, Reg Grundy, the man, chose to live privately in the shadow of his work, rather than out in its limelight," it said, describing Mr Grundy as "one of the media's most respected statesmen".

The address is no ordinary piece of real estate. The annual F1 Grand Prix is run along Boulevard Albert, and the building Grundy's enterprise occupies is said to be among the best viewing platforms. At any given time, dozens of luxury superyachts worth millions of dollars apiece are moored a short walk from the building known to locals simply as 'Les Caravelles'.

In that expensive hobby of the world's well-heeled lies another link between Akira Investment and the television legend.

Akira Investments Ltd is a Georgetown, Cayman islands listed entity registered as the owner of the media baron's luxurious super yacht, MV Boadicea.

Launched in 1999 and with an opulent designer interior that included a 14-seat cinema, swimming pool and barbeque, Boadicea offered accommodation for as many guests in seven stately rooms.

When the Grundys weren't onboard, the splendours of MV Boadicea could be enjoyed by anybody with a lazy $500,000. That was the price to rent her for one week, according to Power and Motoryacht magazine.

The agent for renting Boadicea was Nigel Burgess Ltd, a London-based yacht broking firm founded by British sailor Nigel Burgess and now owned by Akira Investments Ltd.

Burgess, who died in 1992, was a famed solo yachtsman.

Nigel Burgess Ltd was involved in the 2008 sale of Iraqi dictator Saddam Hussein's super yacht. The 269-foot Ocean Breeze had all the usual trimmings; swimming pools, stately quarters and opulent salons. The rocket launcher and mini-submarine lent notoriety to the sale process.

Two years before that, in 2006, Reg Grundy was singing the praises of the company.

"We have a continuing association with Nigel Burgess as managers of the Motor Yacht Boadicea", Mr Grundy said in a statement carried by Nigel Burgess company's online magazine.

"Nigel Burgess are an efficient and professional group and we are happy to whole-heartedly recommend them to you", added Mr Grundy in an endorsement statement co-signed by wife Joy Chambers-Grundy.

Mr Grundy put an asking price of $120 million on Boadicea when he put the yacht up for sale in 2009.

The Free Enterprise Foundation is headquartered at Canberra accounting firm Bandle, McAneney and Company.

Anthony Bandle has been the foundation's trustee since its inception in 1981.

Mr Bandle was questioned at ICAC hearings over alleged ways in which Liberal Party figures have skirted electoral donation laws.

During cross-examination, Mr Bandle admitted that he sometimes received cheques to the foundation from donors asking their money be re-donated to the Liberal Party.

He insisted that as trustee he had the discretion to decide what to do with the money, but agreed that he had never refused such a request.

The co-trustee is Stephen McAneney. Mr McAneney said "I have nothing to say" when approached about the link between Akira Investments Ltd and Reg Grundy.

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