The Federal Court was told the brief was extensive and ASIC predicted that it might take the DPP as long as six months to analyse it and make a decision on whether charges should be laid, reported The Age.

Sydney-based former director Julian Smith was singled out for prosecution after ASIC sought an extension to orders preventing him leaving Australia, but it also recommended at least two other directors be charged with "recklessly or dishonestly" failing in their duties as directors.

VIEW ALL

A potential civil penalty action could also be launched by ASIC against the Opes directors but will be stayed until the outcome of criminal proceedings is decided.