find the latest legal job
Part Time Risk & Compliance Officer
Category: Other | Location: Brisbane QLD 4000
· Brisbane City · Flexible Part Time Hours
View details
Infrastructure Lawyer/SA
Category: Construction Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Global elite law firm · Dedicated Infrastructure team
View details
Property Lawyer
Category: Property Law | Location: All Melbourne VIC
· 12 Month Contract · Diverse Work
View details
Family Lawyer
Category: Family Law | Location: Eastern Suburbs Melbourne VIC
· Boutique Firm · Great Reputation
View details
Infrastructure Lawyers
Category: Construction Law | Location: All Perth WA
· We'd be particularly interested to hear from you if you were a lawyer who knows your way around the infrastructure and energy sectors.
View details
ASIC to appeal in One.Tel case

ASIC to appeal in One.Tel case

The Australian Securities and Investments Commission has announced its plan to appeal last month's NSW Supreme Court decision in the almost decade long One.Tel saga.

THE Australian Securities and Investments Commission has announced its plan to appeal last month’s NSW Supreme Court decision in the almost decade long One.Tel saga.

ASIC has today lodged a notice of intention to appeal in the NSW Court of Appeal in respect of the 18 November decision dismissing ASIC’s civil penalty proceedings against One.Tel’s former joint managing director Jodee Rich and the company’s financial director, Mark Silbermann.

In 2001, ASIC commenced civil proceedings against Rich and Silbermann in relation to the company’s collapse in 2001. It sought rulings from the court of the duties and obligations of officers to disclose a company’s financial position to the board and the market.

PBL and News were to underwrite a $132 million rights issue by One.Tel in early 2001. But this was cancelled as the company’s independent directors believed it was not enough money to keep the telco going.

It is on this abandoned rights issue that future possible legal action may turn.

News Ltd said on Wednesday that the judgment in the case brought by ASIC “in no way invalidates the legitimate concerns we had at the time”.

ASIC chairman Tony D’Aloisio said the case should provide important guidance to executives and directors on the exchange of information between the board and management.

The case also shed light on several legal issues, said D’Aloisio, a former Mallesons Stephen Jaques managing partner. It revealed the additional responsibilities of the chairman of a public company, particularly one with a finance and accounting background and considerable experience on public boards.

“The case has also provided important guidance to ASIC on how to run similar matters in the future,” he said.



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

ASIC to appeal in One.Tel case
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Violence
Nov 17 2017
It's time for politicians to commit to eradicating domestic violence
The national shame of domestic violence cannot be left unaddressed, writes Christine Smyth. ...
Nov 16 2017
From lawyer in law firm to senior governance professional
Promoted by Governance Institute of Australia As a law graduate, Kate Griffiths never imagined...
marriage equality
Nov 16 2017
Legislation the next hurdle for marriage equality
Lawyers have underscored the importance of ensuring same-sex marriage legislation does not limit ant...
APPOINTMENTS
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'...
opinion
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...
Help
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 & ...