CIVIL PROCEDURE – AUSTRALIA

Banks face fines up to $210m

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Original article by Simon Benson, Ben Butler, Richard Gluyas
The Australian – Page: 1 & 2 : 20-Apr-18

The Federal Government has responded to scandals exposed by the banking royal commission by flagging plans for harsher civil and criminal penalties for misconduct in the financial services sector. Individuals will face fines of up to $A1.05m and companies could be fined up to $A210m in changes to civil penalties. Individuals will also risk maximum jail terms of 10 years and fines of up to $A945,000 for criminal convictions, with companies to be fined up to $A9.45m or 10 per cent of their turnover. The Australian Securities & Investments Commission will also be given more power to investigate and prosecute misconduct in the sector.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE TREASURY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, COUNT FINANCIAL LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, AMP LIMITED – ASX AMP, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COLONIAL LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Ex-AWB head Flugge finally before court

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Original article by Patrick Durkin
The Australian Financial Review – Page: 3 : 12-Oct-15

The Supreme Court of Victoria will begin hearing the case against former AWB chairman Trevor Flugge on 12 October 2015. The civil charges of breaching his duties as a director relate to the payment of $US225m in kickbacks to the regime of former Iraqi president Saddam Hussein between 1999 and 2004. The Australian Securities & Investments Commission launched civil proceedings against Flugge and other AWB executives after abandoning criminal action.

CORPORATES
AWB LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. INQUIRY INTO CERTAIN AUSTRALIAN COMPANIES IN RELATION TO THE UN OIL-FOR-FOOD PROGRAMME, SUPREME COURT OF NEW SOUTH WALES

Prime Trust directors banned

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Original article by Sarah Danckert
The Australian – Page: 21 : 3-Dec-14

Federal Court of Australia judge Bernard Murphy has handed down the penalties for the board members of the failed Prime Retirement & Aged Care Property Trust, following a successful civil case by the Australian Securities & Investments Commission. The breaches of the Corporations Act have resulted in bans from acting as a company director of two years and three months for chair Michael Wooldridge, 15 years for Bill Lewski, and four years each for Kim Jaques and Mark Butler. Fines of between $A20,000 and $A230,000 per individual have also been imposed

CORPORATES
PRIME RETIREMENT AND AGED CARE PROPERTY TRUST, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, ASX LIMITED – ASX ASX, FEDERAL COURT OF AUSTRALIA, VISION EYE INSTITUTE LIMITED – ASX VEI, PLACES VICTORIA, AUSTRALIAN PHARMACEUTICAL INDUSTRIES LIMITED – ASX API, MONASH UNIVERSITY, UNIVERSITY OF MELBOURNE

No charges, but watchdog takes civil action after LM property collapse

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Original article by Ben Butler, Roseanne Barrett
The Australian – Page: 19 : 21-Nov-14

The Australian Securities & Investments Commission (ASIC) is bringing a civil action against real estate investor Peter Drake, but it will not pursue criminal charges. His LM fund management firm raised $A800m-plus from small retail shareholders before failing in 2013. The watchdog alleges that Drake channelled $A26m to personal spending, and that director’s duties were breached in approving the loans by LM’s Francene Mulder, Eghard van der Hoven, Simon Jeremy Tickner and Lisa Maree Darcy

CORPORATES
LM INVESTMENT MANAGEMENT LIMITED, LM ADMINISTRATION PTY LTD, LM MANAGED PERFORMANCE FUND, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MADDISON ESTATE PTY LTD, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. DIRECTOR OF PUBLIC PROSECUTIONS, ERNST AND YOUNG