ASIC Action 'Vexatious and Oppressive'


Unitholders may be interested to read the attached article from The Age dated 14 September 2012.


There has been considerable discussion recently as to whether the Receivers' Listing Fee Claim should move to the Federal Court, where ASIC has commenced proceedings against the APCH Directors.  The article reports that Justice Robson from the Supreme Court suggested today that it may instead be possible for the ASIC proceedings to move to the Supreme Court.  A further Directions Hearing has been set for Monday 17 September 2012 and it is understood that ASIC has been invited to attend.


The article reports that Justice Robson used the words "vexatious and oppressive" to describe the ASIC proceedings.  We are currently unaware of the basis upon which those comments were made and note that there may be further discussion of these matters at the hearing next Monday.





The-Age-14-Sep-2012 The Age 14 Sep 2012 gif