Claims of $50k 'political donation' to Torbay

FIRST ON 7: Allegations of a bag stuffed with $50,000 in cash are at the centre of corruption allegations against former state parliament speaker Richard Torbay.

There has been plenty of speculation about Richard Torbay since his shock sacking as a National Party candidate, and resignation as a state MP.

7News can reveal why he quit, and the ICAC primary investigation.

It's believed the corruption watchdog is investigating claims Mr Torbay received up to $50,000 cash from Moses and Eddie Obeid, and that it was handed over at a Birkenhead Point café before the 2011 state election.

Mr Torbay's Armidale home has been raided by investigators, who will now look at where any cash ended up, including whether any was kept by Mr Torbay.

Before joining the Nationals, Mr Torbay was an Independent MP, and is understood to have helped other independents campaign against the Nationals.

While the money could have been a donation for them, or Mr Torbay, no declarations have been made.

Mr Torbay confirmed the nature of the investigation to 7News but said he couldn't comment further.

7News also spoke to Eddie Obeid who denies giving money to Mr Torbay.

Moses Obeid's lawyer said his client would comply with investigators if needed.