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Equititrust?

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Penalties for Breach of Duty
Similar to the other directors’ duties we have discussed, penalties for breaching the duty not to improperly use information are serious:

  • Civil penalty of up to $200,000;
  • Declaration of a contravention s 1317E;
  • Criminal liability if dishonesty can be shown;
  • Compensation for any loss suffered; and
  • Disqualification from being a director

http://youlegal.com.au/directors-duties-focus-improper-use-information/
 
Equititrust: pair bought finance group’s loan book for $2m ‘to make $26m’

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The Australian 12:00AM March 15, 2017

It is alleged the pair bought the troubled loan book from Morgan Stanley and private equity group Blackstone — via a company they had created called MS Asia — without conducting any due diligence, which was “very unusual”."

http://www.theaustralian.com.au/bus...m/news-story/b1a0d0d03d1c14d5ab15bd624016713d
 
Civil penalty and disqualification orders: An overview of the Vizard case

A director is denied the ability to use confidential information for his or her own purposes, and it does not matter whether the director's action causes no harm to the company or does not rob it of an opportunity which it might have exercised for its own advantage; Regal (Hastings) Limited v Gulliver [1967] 2 AC 134.

http://www.findlaw.com.au/articles/1970/civil-penalty-and-disqualification-orders-an-overv.aspx
 
Someone very wise made a very pertinent observation :

"Never underestimate those with deep pockets. The legal system is their playground and they use it to grind up ordinary people and spit them out the other end, broke and defeated."

Its seems ironic that McIvor using "Public Money" used this very tactic for many years. Unfortunately for McIvor the playground bit back and spat him out the other side broke and defeated...

The same playground seems to now be attacking those who used and abused it in the past...
 
Duty not to abuse a corporate opportunity

Similar to the duty to disclose material personal interests, a director has a duty not to take advantage of a corporate opportunity for personal gain and at the expense of the company.

Only where such an opportunity is properly considered and rejected by the company can a director pursue the opportunity personally, pending the necessary disclosure requirements.

http://hallandwilcox.com.au/legal-obligations-of-directors-of-australian-companies/
 
When acting as a director or former director / office holder disclosure is everything...
 
The lack of disclosure or purposeful concealment of a beneficial interest in a corporate environment will raise not only eyebrows but the intervention of the regulator
 
ASIC has been a toothless tiger in recent times, however public pressure to stamp out corporate greed and deceit has gained momentum where they have been forced to act.
 
If elderly Australian's life savings are attacked not once, but twice in front of ASIC's nose then the penalties need to set an example for others wishing to follow in the same footsteps...
 
If the regulator, professional bodies and the public prosecutor allow attacks on innocent retiree investors by people who should know better, then the system has collapsed...
 
Decisive and definitive intervention by authorities is called for when innocent retiree investors are attacked, anything less is a travesty of justice.
 
ASIC moves on Equititrust
Anthony Marx, Courier Mail
October 26, 2011

Mr Tucker alleges in court documents filed in support of his application that the intervention is needed because Mark McIvor - Equititrust's founder and sole shareholder - wants to restructure and revitalise the fund rather than follow the previous board's decision to wind it up to return money to more than 1700 investors.

Court documents filed by ASIC say it has intervened in Mr Tucker's case and wants both matters to be heard together.

But the documents also claim ASIC litigation counsel Hugh Copley said in a letter to Mr Tucker this week that he would oppose the appointment of Mr Clout and ask the court to bring in an alternative.

The court documents allege Mr Clout has previously been appointed as a receiver over Equititrust-related entities and Mr Copley said the appointee "should be seen to be independent of all interested parties".

http://www.couriermail.com.au/ipad/...t/news-story/72f7a71be39b47cf128946ffd0276adf
 
Collaborative Forensic and Media effort underway scrutinizing the facts...
 
The media never shied away from publishing the facts on the Equititrust saga, they won't now either...
 
Some apples have a worm coring away on the inside, so do some companies...

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Revelations from the inside are always the most revealing...
 
When someone flips, cooperates, shares information and does the right thing, that's good right ??? Possibly good for some, possibly really bad for others... Relative to which end your on I guess...
 
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