Former New South Wales Labor minister Eddie Obeid has denied giving false evidence at the Independent Commission Against Corruption (ICAC).

ICAC has been investigating if the Obeid family had a 30 per cent secret stake in infrastructure company Australian Water Holdings (AWH), and if the company corruptly obtained money from Sydney Water.

Mr Obeid today told ICAC he did not lobby former premiers and ministers about AWH out of greed.

He also said he did not know his youngest son, Eddie Junior, worked for AWH and did not know if his sons entered an agreement to buy shares in the company.

Mr Obeid, who is facing his seventh ICAC inquiry, said "I don't read newspapers" and "I don't listen to the news".

He agreed that he asked ex-water minister Nathan Rees to meet AWH chief executive Nick Di Girolamo, but said the meeting was not intended to secure a favourable outcome for AWH.

"Every citizen of New South Wales is entitled to see a minister if it warrants it," Mr Obeid said.

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"I think Nathan Rees would meet anyone that needed to see him - it was his duty."

Counsel assisting ICAC Geoffrey Watson answered: "That's good news for the citizens of New South Wales."

Mr Obeid said Mr Di Girolamo was a family friend, and dozens of phone calls between himself and the AWH chief executive in 2006 were probably because they were friends.

Mr Obeid also said Eddie Junior may have been just "doing things for him" (Mr Di Girolamo), and that Mr Di Girolamo was the godfather of Eddie Junior's child.

Mr Obeid admitted he spoke to former premiers Kristina Keneally and Morris Iemma, and to another ex-water minister, Phil Costa, and ex-treasurer Michael Costa about AWH.

But he denied speaking to his Labor colleagues Tony Kelly and Joe Tripodi about the company.

They are both accused of doctoring a cabinet minute about AWH. The pair will face the inquiry on Thursday.

Mr Obeid said to Mr Watson: "If you want a headline out of me you won't get it because you're talking rubbish."

When asked by Mr Watson if he gave false evidence or lied to the inquiry, Mr Obeid answered: "No."

Speaking later outside ICAC, he told reporters: "I never lie."

Before Mr Obeid started his evidence he sat in the hearing room next to his barrister, Stuart Littlemore, and at times Mr Obeid closed his eyes during the cross-examination of accountant Ian George.

The accountant was quizzed about lunches, a Christmas bonus and other expenses that AWH invoiced Sydney Water for.

At one point during heated argument between Mr Watson and Mr Littlemore, Commissioner Megan Latham told them to "take a chill pill".

The inquiry continues.