The Australian Competition and Consumer Commission has failed in its challenge to a ruling that dismissed its bid-rigging case over mining exploration licences involving Cascade Coal and the sons of jailed Labor politician Eddie Obeid.
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.
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.
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.