ASIC Win on Prime


Unitholders may be interested to read the attached articles from The Australian Financial Review and The Sydney Morning Herald dated 26 September 2012.


The articles report that the defendants to ASIC's Civil Penalty Proceedings in the Federal Court (including former APCH Directors Mr Lewski, Mr Wooldridge, Mr Clarke, Mr Butler and Mr Jaques) had applied for the matter to be transferred to the Supreme Court of Victoria.  ASIC had opposed such a move.  Unitholders may be pleased to note that the Federal Court's Justice Murphy has ruled in favour of ASIC and dismissed the defendants' application.  We also note that Justice Murply has suggested that the ASIC proceedings should be expedited and a provisional hearing date of 4 April 2013 has been mentioned.  Whilst unitholders may consider that a hearing date before April 2013 would have been preferable, we had been concerned that a transfer of this matter back to the Supreme Court may have led to considerably longer delays.  We are therefore pleased that the ASIC proceedings will remain in the Federal Court and that the hearing date has been expedited.


Unitholders may also be interested to note that, in Justice Murphy's judgement, there is a comment that the defendants to the Receivers' Listing Fee Claim are in the process of preparing cross-claims (against other defendants).  We have long expected the various defendants to start turning on each other and it would appear that this process may have now begun in earnest.


AFR Article 26 September 2012 SMH-Article-26-September-20