find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Former Opes Prime boss ordered to stand trial

Former Opes Prime boss ordered to stand trial

The former director of failed stockbroking firm Opes Prime has been told to stand trial in the Victorian Supreme Court.

THE former director of failed stockbroking firm Opes Prime has been told to stand trial in the Victorian Supreme Court.

Corporate watchdog, the Australian Securities and Investments Commission (ASIC) is prosecuting former CEO and managing director, Laurie (Lirim) Emini, and directors Julian Smith and Anthony Blumberg for breaching their duties as directors.

Emini pleaded not guilty to 26 charges today in the Melbourne Magistrates' Court, and has been sent for trial in the Supreme Court next month.

Emini, 47, from Victoria, did not contest his committal, and will appear in the Supreme court on 21 March this year.

ASIC alleges that on a number of occasions between July 2006 and February 2008, Emini caused the transfer of securities between OPSL and another company of which he was a director, Leverages Capital. The value of the securities was over $100 million.

Emini is facing 22 charges that, in causing the transfers to be made, he was intentionally dishonest and failed to exercise and discharge his duties in good faith in the best interests of the two companies.

Emini is also charged with four separate offences of breaching his duties as a director of OPSL and associated companies.

According to ASIC, on 20 March 2008, shortly before Opes Prime collapsed, the directors signed financial documentation with ANZ Bank to obtain a term loan for OPSL and its parent company, Opes Prime Group Limited (OPGL) and pledged the companies’ assets as security to meet the obligations of Leveraged Capital.

Emini was released on bail subject to surrendering his passport, that he does not leave Australia or attend any international point of departure, that he he does not contact any witnesses or his co-accused, and as long as he resides at his residential address.

Blumberg, meanwhile, requested and was granted an adjournment of his committal until 11 March 2011. He is yet to enter a plea. Smith has pleaded not guilty and his committal was adjourned until 7 March 2011.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Former Opes Prime boss ordered to stand trial
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...