A Canberra concreter hid five kilograms of cocaine worth some $3 million on the street under his bed, police will allege.
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A court on Thursday heard the discovery represented the police's largest ever seizure of cocaine in the territory and the bricks of the drugs were of 80 per cent purity.
But despite objection from prosecutors Shaun Claude Small, 28, was granted bail on Thursday, the magistrate pointing to the support of his family while imposing a set of strict conditions on his release, including a $50,000 surety
Mr Small was arrested following a raid on his home in Theodore on May 7.
Police say they found five blocks of cocaine stamped AK-47 and heavily wrapped in plastic in a black backpack under the double bed in the main bedroom.
Mr Small pleaded not guilty to the one count of trafficking a commercial quantity of drugs when he appeared in court the following day.
On Thursday he applied for bail in the ACT Magistrates Court via videolink from jail, as a number of family and friends piled into the court's public gallery.
Prosecutor Anthony Williamson opposed Mr Small's release, citing a risk of his absconding, reoffending and interfering with witnesses.
Court documents show Mr Small's partner had been home during the raid and told police Mr Small had brought home a bag a few weeks ago that he said he was holding for a mate. She thought the bag had been put in the roof but when they later argued over it he told her it was gone, the documents say.
Mr Williamson pointed to the large quantity of drugs found and said Mr Small faced the prospect of a lengthy term in prison if found guilty.
He said if Mr Small was acting with other alleged criminals, he had now lost a significant amount of their cocaine and that gave him a powerful reason to either abscond, or to reoffend to repay the debt.
But Mr Small's barrister Jack Pappas said there was no presumption against his getting bail, and that Mr Small had no criminal history, and the support of his family. He had held a steady job in concreting for many years, and bank records showed he was not a wealthy man.
Magistrate Peter Morrison said the strongest argument against the granting of bail was the likelihood of Mr Small absconding, but found that with the support of his family and a set of appropriate bail conditions that the man should be released while facing the charge. Mr Williamson immediately called for a surety worth upwards of $100,000.
But after a brief adjournment the magistrate accepted a promise to pay $50,000 from the man's grandfather if Mr Small did not appear when required.
Mr Morrison also imposed a daily reporting condition, and orders that Mr Small live at an address in NSW, surrender his passport and not go near any airports.
Police have said the drug seizure was the result of an investigation into a wider criminal network.
Mr Small is next due in court on July 29.