Corporate watchdog to appeal One.Tel ruling

 

Battle heads back to the courts.

The Australian Securities and Investment Commission will appeal a NSW Supreme Court decision to dismiss a civil case against two former One.Tel executives.

The corporate watchdog said late yesterday it had lodged a notice of intention to appeal in the NSW Court of Appeal.

ASIC brought civil proceedings against the former joint managing director Jodee Rich and finance director Mark Silbermann of the failed junior telco One.Tel back in 2001.

It had “sought rulings from the court on the duties and obligations of officers to disclose a company’s financial position to the board and the market.”

The case was dismissed almost a month ago. At the time of the shock ruling, ASIC said it needed time to go through the over 3,100-page rulings tome before deciding its next move.

ASIC has until 27 February next year to commence an appeal of the decision.


Corporate watchdog to appeal One.Tel ruling
 
 
 
Top Stories
The iTnews Benchmark Awards
Meet the best of the best.
 
Telstra hands over copper, HFC in new $11bn NBN deal
Value of 2011 deal remains intact.
 
Photos: iTnews Benchmark 2015 finalists revealed
Awards alumni gather to celebrate.
 
 
Sign up to receive iTnews email bulletins
   FOLLOW US...
Latest Comments
Polls
Who do you trust most to protect your private data?







   |   View results
Your bank
  39%
 
Your insurance company
  4%
 
A technology company (Google, Facebook et al)
  8%
 
Your telco, ISP or utility
  7%
 
A retailer (Coles, Woolworths et al)
  2%
 
A Federal Government agency (ATO, Centrelink etc)
  20%
 
An Australian law enforcement agency (AFP, ASIO et al)
  14%
 
A State Government agency (Health dept, etc)
  6%
TOTAL VOTES: 1751

Vote
Do you support the abolition of the Office of the Information Commissioner?