Prime Trust Action Group Newsflash – 27 August 2012
ASIC Commences Legal Proceedings Against Former APCH Directors
In breaking news, unitholders will be particularly interested to note ASIC's announcement today that it has commenced legal proceedings against several former APCH Directors.
The Directors in question are Mr William Lewski, Mr Mark Butler, Mr Kim Jaques, Mr Michael Wooldridge and Mr Peter Clarke, who were Directors of APCH when the Trust’s Constitution was amended without unitholder approval in August 2006, thereby enabling the company to later receive a listing fee of $33m.
ASIC is seeking to impose financial penalties on the Directors and also have them disqualified from managing companies for a period of time. The following is a condensed extract from ASIC's Media Release, the full release being available from both the ASIC website (www.asic.gov.au) and our website (www.primetrustactiongroup.com).
Unitholders will recall that we have made numerous submissions to ASIC raising concerns about the collapse of the Trust and will no doubt share our delight that ASIC has now referred the above matter to the Federal Court.
We understand that APCH (represented by KordaMentha as Receivers) will conduct a second round of Public Examinations in the Supreme Court of Victoria during 3 - 7 September 2012. We expect a number of APCH Directors, and a number of advisers to APCH, to be called to give sworn testimony.
Representatives of the Prime Trust Action Group will attend the Public Examinations and will provide a summary of the Examinations in our next Unitholder Update.
In view of the above developments, we intend to delay the release of our next Unitholder Update until after the Public Examinations have been held when we should be in a position to brief unitholders of any outcomes from these proceedings.
Prime Trust Action Group
27 August 2012