LAW – AUSTRALIA – CASES

Westpac in so deep it ‘fixed rate pricing’

roymorgansocial Leave a comment

Original article by Richard Gluyas
The Australian – Page: 17 & 21 : 1-Nov-17

The Federal Court has heard a series of recorded conversations in which Westpac staff allegedly discussed strategies for manipulating the bank bill swap rate. The taped conversations were part of the Australian Securities & Investments Commission’s evidence against the bank, which has elected to contest the allegations of market manipulation rather than agree to a settlement. Other evidence tendered in court by ASIC included email messages from Westpac staff and the minutes from Australian Financial Markets Association meetings.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN FINANCIAL MARKETS ASSOCIATION INCORPORATED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Kinghorn facing jail over $30m tax fraud

roymorgansocial Leave a comment

Original article by Geoff Winestock, Misa Han
The Australian Financial Review – Page: 1 & 4 : 1-Nov-17

RAMS Home Loans founder John Kinghorn has pleaded not guilty after being charged with two counts of tax fraud. The Australian Federal Police will allege that Kinghorn avoided tax liabilities totalling $A30m after claiming that he did not control any companies that were registered in the Jersey Islands. He could be sentenced to up to 10 years in jail if he is convicted. Kinghorn gained $A650m from the sale of an 80 per cent stake in RAMS via an IPO in 2007.

CORPORATES
RAMS HOME LOANS PTY LTD, ALLCO FINANCE GROUP LIMITED, AUSTRALIAN FEDERAL POLICE, LOCAL COURT OF NEW SOUTH WALES, KALOMA CORPORATION, KALOMA PACIFIC LEASING, TRYDEN ENTERPRISES, NEW SOUTH WALES. INDEPENDENT COMMISSION AGAINST CORRUPTION, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN TAXATION OFFICE, SUPREME COURT OF NEW SOUTH WALES

Fairfax clean bowled by Gayle force victory

roymorgansocial Leave a comment

Original article by Sam Buckingham-Jones
The Australian – Page: 5 : 31-Oct-17

Fairfax Media has advised that it may appeal against a court ruling that it defamed West Indian cricket player Chris Gayle in a series of articles which claimed that he had exposed himself to a female masseuse. The four-person jury also found that Fairfax published the contentious articles out of malice. Amongst other things, Gayle had sought aggravated and special damages from the media company.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, SUPREME COURT OF NEW SOUTH WALES, AUSTRALIAN BROADCASTING CORPORATION

Westpac takes on ASIC alone over rate rigging

roymorgansocial Leave a comment

Original article by James Frost, Patrick Durkin
The Australian Financial Review – Page: 1 & 6 : 31-Oct-17

Westpac has elected to let the courts decide whether allegations of rigging the bank bill swap rate have any foundation. National Australia Bank and the ANZ, which were also alleged by the Australian Securities & Investments Commission of rigging the BBSW, have agreed to a settlement over the issue. The case against Westpac will begin in the Federal Court on 31 October, with the case likely to run until the end of the year.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Westpac takes BBSW case down to the wire

roymorgansocial Leave a comment

Original article by Sally Patten, Jonathan Shapiro
The Australian Financial Review – Page: 4 : 30-Oct-17

National Australia Bank has joined the ANZ Bank in reaching a settlement with the Australian Securities & Investments Commission over rate-rigging allegations. The NAB is understood to have agreed to make a total payment of $A50 million, of which $A10 million would be seen as a penalty and $A20 million would go towards ASIC’s legal costs. The remaining $A20 million would be donated to a consumer protection fund. Westpac, the third bank involved in the bank bill swap rate case, is believed to be still considering whether it should challenge ASIC’s allegations in court.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WESTPAC BANKING CORPORATION – ASX WBC, FEDERAL COURT OF AUSTRALIA

‘Citizenship seven’ have Friday on their minds

roymorgansocial Leave a comment

Original article by Rosie Lewis
The Australian – Page: 7 : 25-Oct-17

The High Court’s ruling on the eligibility of seven MPs and senators to be in federal parliament will be handed down on 27 October. A by-election in Barnaby Joyce’s seat of New England is slated for 2 December if the court rules that his dual citizenship at the time of the 2016 election disqualifies him from being in parliament. George Williams, the dean of law at the University of New South Wales, expects the court to disqualify at least some of the parliamentarians.

CORPORATES
HIGH COURT OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, NICK XENOPHON TEAM, UNIVERSITY OF NEW SOUTH WALES

ASIC win on bank swap rate rigging

roymorgansocial Leave a comment

Original article by Patrick Durkin, James Frost
The Australian Financial Review – Page: 1 & 4 : 24-Oct-17

The Australian Securities & Investments Commission’s case against Westpac, the ANZ, and National Australia Bank has been put on hold for two days. ASIC had accused the three banks of trying to rig the bank bill swap rate. However, the ANZ reported a day before the case was due to start that it had reached a settlement with ASIC, and it is understood that NAB may also do so. The deferment will allow ASIC’s deal with ANZ to be finalised and for it to be approved by the court. Outgoing ASIC chairman Greg Medcraft says the ANZ’s decision to settle the case vindicates its decision to pursue the case. It is believed that ANZ has agreed to pay a fine in the order of $A50 million.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, HIGH COURT OF AUSTRALIA, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION, RIO TINTO LIMITED – ASX RIO, GREAT BRITAIN. FINANCIAL CONDUCT AUTHORITY

Exploited worker told ‘keep quiet or else’ about underpayment

roymorgansocial Leave a comment

Original article by Ewin Hannan
The Australian – Page: 7 : 23-Oct-17

The Federal Circuit Court has ordered Haim and Rina Diamond to pay more than $A70,000 after breaching workplace laws. They were found to have underpaid employees – who were primarily foreign students or visitors on working holiday visas – more than $A34,000 over a six-month period. The couple were also accused of providing false and misleading records to Fair Work inspectors and threatening to report an employee to immigration officials for breaching the conditions of her student visa if she did not withdraw a complaint about her wages.

CORPORATES
FEDERAL CIRCUIT COURT OF AUSTRALIA, AUSTRALIA. FAIR WORK OMBUDSMAN, AUSTRALIA. DEPT OF IMMIGRATION AND BORDER PROTECTION

Peak penalty for ‘nefarious’ building union

roymorgansocial Leave a comment

Original article by Ewin Hannan
The Australian – Page: 6 : 20-Oct-17

The Construction, Forestry, Mining & Energy Union has fined a total of $A306,000 over a confrontation between former Queensland CFMEU president David Hanna and site managers at a Brisbane construction project in 2015. This is the maximum penalty at present, but Federal Circuit Court judge Salvatore Vasta said the fine would have been much greater if industrial relations laws allowed it. He noted that the CFMEU habitually breaches industrial laws and existing penalties are not acting as a deterrent.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, FEDERAL CIRCUIT COURT OF AUSTRALIA, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, MIRVAC GROUP – ASX MGR

Admitting guilt the clincher for rate-rig case

roymorgansocial Leave a comment

Original article by Jonathan Shapiro, Patrick Durkin
The Australian Financial Review – Page: 13 & 18 : 11-Oct-17

The Australian Securities & Investments Commission’s case against three of the "big four" banks over allegations that they manipulated the bank bill swap rate will be heard by the Federal Court on 23 October. Some observers believe that the parties could reach a settlement before the case begins, although this would require the banks to admit that they had engaged in unconscionable conduct. Meanwhile, stock exchange operator ASX Limited has issued new guidelines regarding bank bill trading in the wake of the BBSW scandal.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, FEDERAL COURT OF AUSTRALIA, ASX LIMITED – ASX ASX, COUNCIL OF FINANCIAL REGULATORS