ASIC has called for a $15 million penalty against GetSwift and 12-year bans against its directors, who moved the logistics company overseas as the regulator’s enforcement action was on foot, a move the court on Tuesday said was “unprecedented”.
Logistics company GetSwift and its directors have dropped their challenge to a judgment that found the company breached its continuous disclosure obligations with its “PR-driven” approach to ASX statements.
Keybridge Capital managing director Nicholas Bolton has been grilled over a phone call in April 2015 lasting one minute and 18 seconds in which the activist investor claims Bell Potter bound its client to buy $10 million worth of shares in defunct Molopo Energy.
Logistics company GetSwift will argue on appeal that a judge who found the company took a “PR-driven approach” to ASX statements was wrong in his assessment of whether those statements contained material omissions.
Logistics company GetSwift and its directors are appealing a win for ASIC in the regulator’s case that alleged they breached their continuous disclosure obligations and engaged in misleading and deceptive conduct in the release of 22 ASX announcements.
A former ANZ trader who alleges he was sacked for complaining about the bank’s manipulation of the bank bill swap rate has lost his bid to view lawyers’ notes taken during meetings over ASIC’s investigation into the bank’s conduct.
A judge has said if he sides with a former ANZ trader in a privilege dispute with the bank over file notes from 2014 meetings over ASIC’s bank bill swap rate investigations it would create a “whole world of pain” for solicitors claiming privilege over their notes in other cases.
A judge has dressed down ASIC over the handling of its action against GetSwift, criticising the regulator’s failure to seek a court injunction to prevent the company’s relocation to Canada.
Logistics company GetSwift says it is considering an appeal of an 859-page judgment which lambasted the company and its directors’ “public relations-driven approach” to announcements on the Australian Stock Exchange.
The Australian Securities and Investments Commission has scored a victory in its long-running case against GetSwift, with the Federal Court finding the company and its directors breached the Corporations Act and ASIC Act through their “public relations-driven approach” to announcements on the Australian Stock Exchange.