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Sandalwood producer Quintis has agreed to settle two class actions by shareholders, but the claims against company founder Frank Wilson and auditor EY will proceed for now.
A former director of Atrum Coal has been ordered to pay over $6 million owed to a unit of Hong Kong finance giant Argonaut Group after a prior default saw the former executive lose $12 million worth of shares in the company.
Quintis founder Frank Wilson has won his bid for unredacted transcripts of ASIC examinations with six former directors of the failed sandalwood company.
The plaintiffs in one of two shareholder class actions brought against troubled sandalwood producer Quintis have complained about potential delays that could result from the “overly complicated loss theory” being advanced in a parallel class action.
Six individuals interviewed by ASIC in relation to the collapse of sandalwood producer Quintis have sought leave to intervene in the regulator's case against the company's founder, Frank Wilson, after he sought discovery from ASIC of interview transcripts.
The Quintis shareholder class action trial could be delayed for almost two years, while ASIC runs its civil proceedings case against the founder of the sandalwood oil production company.