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ASIC has won banning orders against a Paladin and MacroLend director, with a judge finding investors were enticed by his “entirely fanciful” $1.02 billion valuation of Paladin unit Kradle Software.
The director of collapsed investment firm Linchpin Capital has lost his challenge to a $150,000 penalty, with an appeals court dismissing his arguments as “carping criticism”.
The Australian Securities and Investments Commission has argued the relief sought in proceedings against the director of two Paladin Group units does not constitute a penalty, as it challenges his reliance on the privilege against self-exposure to penalty.
The former director of collapsed investment advisor Linchpin Capital hit hardest by a judgment disqualifying him and three other directors and levying a combined $390,000 in penalties has filed an appeal.
Four current and former Linchpin Capital directors have been disqualified from heading up companies and hit with a combined $390,000 in penalties, after a judge found they improperly used their positions as directors to line their own pockets.
The Australian Securities and Investments Commission has won its case against four Linchpin Capital directors after a judge found they duped their clients into lining the directors’ pockets and benefitting the parent company.
A judge will not let proceedings brought by ASIC against four former Linchpin Capital directors drag on, slamming a "vague" excuse from one of the directors, who awaits word from his insurers on whether his defence costs will be covered, that London is still in a state of "total confusion" due to COVID-19.
Industry-owned Queensland Sugar Limited has succeeded in dismissing a court case brought by Wilmar Sugar Australia after record-high rainfalls led to a $60.8 million loss in 2010.