Prime Trust Directors Back in Court
Unitholders may be interested to read the attached article from The Age dated 3 May 2013.
The article reports on the current Federal Court proceedings brought by ASIC against five former directors of APCH. These proceedings commenced on 1 May 2013 and are expected to run for several weeks. We understand that Stage One of proceedings will determine whether or not the directors breached their statutory duties. We understand that, if the Court finds against the directors, Stage Two of the proceedings (expected to be held in September 2013) will consider whether the directors had any reasonable excuse for their actions and also consider, if applicable, the appropriate penalties to impose.