COMMERCIAL LAW – AUSTRALIA

Palmer cut $6m pre-poll cheque

roymorgansocial Leave a comment

Original article by Hedley Thomas
The Australian – Page: 8 : 31-Oct-14

Chinese state enterprise Citic Pacific is suing private vehicles of iron ore joint venture partner Clive Palmer over alleged unauthorised access to an account and the withdrawal of a total $A12,167,065. Evidence tendered to the Supreme Court of Queensland shows some of the funds were channelled to the Media Circus Network public relations firm during the federal election campaign of the Palmer United Party. The latest document lodged by the defence indicates that a cheque for $A6m was written by Palmer personally

CORPORATES
CITIC PACIFIC LIMITED, PALMER UNITED PARTY, SINO IRON PTY LTD, MEDIA CIRCUS NETWORK PTY LTD, SUPREME COURT OF QUEENSLAND, COSMO DEVELOPMENTS PTY LTD, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, MINERALOGY PTY LTD, KOREAN STEEL PTY LTD

Judge rejects Clive Palmer’s halt bid – now for the case

roymorgansocial Leave a comment

Original article by Hedley Thomas
The Australian – Page: 1 : 21-Oct-14

Supreme Court of Queensland judge David Jackson has ruled that a court case brought by Chinese state enterprise Citic against businesses of iron ore venture partner Clive Palmer will go ahead. It is alleged that he took more than $A12m out of a joint bank account and then used the funds to finance the 2013 federal election campaign of his Palmer United Party. Jackson conceded that a compromise solution put forward by Palmer’s Mineralogy vehicle should perhaps have been accepted by Citic before launching the legal action

CORPORATES
MINERALOGY PTY LTD, CITIC PACIFIC LIMITED, CHINA INTERNATIONAL TRUST AND INVESTMENT CORPORATION, COSMO DEVELOPMENTS PTY LTD, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, MEDIA CIRCUS NETWORK PTY LTD, PALMER UNITED PARTY, SUPREME COURT OF QUEENSLAND

AussieCommerce sued over part-sale

roymorgansocial Leave a comment

Original article by Sarah Danckert, Andrew White
The Australian – Page: 21 : 13-Oct-14

Adam Glezer, ex-national sales manager of AussieCommerce, has launched legal action in the Supreme Court of Victoria against founders Adam Schwab and Jeremy Same. Glezer alleges he was pressured into selling them his 19.8% holding in Deals.com.au, subsequently acquired by AussieCommerce, for just $A282,000 in April 2013. This was despite the board members valuing the business at between $A10m and $A25m. AussieCommerce, the self-proclaimed market leader in online retailing in Australia, is preparing for an IPO

CORPORATES
AUSSIECOMMERCE.COM.AU, DEALS.COM.AU PTY LTD, SUPREME COURT OF VICTORIA, BRANDSEXCLUSIVE (AUSTRALIA) PTY LTD, CUDO PTY LTD, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, MACQUARIE CAPITAL PTY LTD, APN NEWS AND MEDIA LIMITED – ASX APN

Ruling may incite more class actions

roymorgansocial Leave a comment

Original article by Marianna Papadakis,Hannah Low
The Australian Financial Review – Page: 11 : 21-Aug-14

Canada-based ­International Litigation Funding ­Partners (ILFP) is bankrolling a stockholder class action suit against Allco Finance Group. The Federal Court of Australia will on 21 August 2014 rule on whether ILFP can claim between 22.5% and 35% of any payout under the "common fund" method that covers all plaintiffs, even those who have not specifically agreed to be part of the funding arrangement. The decision will have an impact on other current class actions, involving major banks and telcos

CORPORATES
INTERNATIONAL LITIGATION FUNDING PARTNERS INCORPORATED,ALLCO FINANCE GROUP LIMITED,FEDERAL COURT OF AUSTRALIA,BENTHAM IMF LIMITED – ASX IMF,KPMG AUSTRALIA PTY LTD,MAURICE BLACKBURN PTY LTD,CLAIMS FUNDING AUSTRALIA PTY LTD,CLAIMS FUNDING EUROPE,NATIONAL AUSTRALIA BANK LIMITED – ASX NAB,SUPREME COURT OF VICTORIA,MODTECH ENGINEERING PTY LTD,GPT MANAGEMENT LIMITED,UNIVERSITY OF NEW SOUTH WALES,KING AND WOOD MALLESONS,AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ,CITIBANK PTY LTD,WESTPAC BANKING CORPORATION – ASX WBC,AUSTRALIAN COMMUNICATIONS CONSUMER ACTION NETWORK LIMITED,TELSTRA CORPORATION LIMITED – ASX TLS,SINGTEL OPTUS PTY LTD,SINGAPORE TELECOMMUNICATIONS LIMITED – ASX SGT,VODAFONE HUTCHISON AUSTRALIA PTY LTD,HARBOUR LITIGATION FUNDING LIMITED

Palmer stands by China insult

roymorgansocial Leave a comment

Original article by Phillip Coorey, Tony Walker
The Australian Financial Review – Page: 1 & 4 : 20-Aug-14

Billionaire businessman and Australian federal MP Clive Palmer is engaged in litigation with Chinese state enterprise Citic Pacific over iron ore royalties. When asked about the lawsuits on TV, he said the Chinese Government was looking to exploit Australia, and he used terms such as "mongrels" and "bastards". The Australian Government as well as business leaders have now sought to repair the damage to the relationship with the nation’s foremost trading partner. Palmer refused to withdraw the attack, other than to clarify it was not aimed at the Chinese people. One of the senators from his Palmer United Party, Jacqui Lambie, also said China’s military expansion posed a serious threat

CORPORATES
PALMER UNITED PARTY, CITIC PACIFIC LIMITED, AUSTRALIAN LABOR PARTY, FEDERAL COURT OF AUSTRALIA, SUPREME COURT OF WESTERN AUSTRALIA, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, COMMUNIST PARTY (CHINA), AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, THE AUSTRALIAN INDUSTRY GROUP