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Twin Quintis class actions squabble about ‘overly complicated’ case
Class Actions 2019-09-11 10:00 pm By Amelia Birnie

The plaintiffs in one of two shareholder class actions brought against troubled sandalwood producer Quintis have complained about potential delays that could result from the “overly complicated loss theory” being advanced in a parallel class action.

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Corporate cop looks to bolster Rio Tinto case with US evidence from PwC witness
Energy & Natural Resources 2019-09-10 4:38 pm By Miklos Bolza

The Australian Securities and Investments Commission is seeking evidence from US proceedings in its case against Rio Tinto alleging the mining giant misled shareholders about a Mozambique mining company purchased for US$4.2 billion.

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Quintis founder seeks transcripts of ASIC interviews
ASIC 2019-08-22 8:58 pm By Miklos Bolza

Six individuals interviewed by ASIC in relation to the collapse of sandalwood producer Quintis have sought leave to intervene in the regulator’s case against the company’s founder, Frank Wilson, after he sought discovery from ASIC of interview transcripts.

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ASIC drops market manipulation appeal against NAB contractor Whitebox
Securities 2019-08-12 3:36 pm By Amelia Birnie

ASIC has abandoned its market manipulation case against National Australia Bank contractor Whitebox Trading, just over a month after the financial regulator decided to appeal the Federal Court’s primary decision to throw out their case.

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Garuda reveals debts of $480M, but can’t dodge $19M cartel fine yet
Competition & Consumer Protection 2019-08-09 5:18 pm By Miklos Bolza

Indonesian airline Garuda has failed in its bid to stay a $19 million penalty for its role in a fuel surcharge cartel after telling the Federal Court it has debts of $480 million, with a judge saying he would be allowing the company to trade while insolvent if he granted the stay.

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ASIC ‘plucking numbers out of the air’ in penalty hearing for Vocation execs, court told
Securities 2019-07-31 8:15 pm By Amelia Birnie

Lawyers for former Vocation CEO Mark Hutchinson say the corporate regulator is “plucking numbers out of the air” in its bid to secure disqualifications of up to eight years against the former executives who breached their directors’ duties in relation to the collapsed education provider.

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Garuda may face contempt motion for ‘unthinkable’ failure to pay $19M cartel fine
Competition & Consumer Protection 2019-07-12 9:00 pm By Miklos Bolza

Indonesian national airline Garuda faces a possible contempt motion by the competition regulator for failing to pay a $19 million court-issued fine after it was found guilty of air cargo price-fixing, a failure a judge called “almost unthinkable”.

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ASIC appeals ruling in market manipulation case against NAB contractor Whitebox
Securities 2019-06-28 11:39 pm By Cat Fredenburgh

The Australian Securities and Investments Commission is challenging the dismissal of its enforcement action against  National Australia Bank contractor Whitebox Trading and sole director Johannes Boshoff, which accused them of market manipulation that resulted in a spike in the price of securities on the ASX-200 index in October 2012.

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ASIC loses market manipulation case against NAB contractor Whitebox
Securities 2019-06-11 4:37 pm By Miklos Bolza

The Australian Securities and Investments Commission has lost its market manipulation action against Whitebox Trading and its director Johannes Boshoff, with the court finding it was “practically impossible” that any of the trades at the centre of the case were made for an illegitimate purpose.

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ASIC wins case against Vocation, former execs after 15-month wait for judgment
Securities 2019-05-31 6:21 pm By Miklos Bolza

In a win for the corporate watchdog, a court has found collapsed education provider Vocation engaged in misleading and deceptive conduct and breached its continuous disclosure obligations by failing to inform shareholders of problems with a large government contract.

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