Luke Livingston

T Corp's representative on the board of Melbourne Airport operator APAC said Thursday he voted to issue a notice of default to shareholder Dexus in part because the real estate asset manager "appeared to prefer its own interests".

Institutional asset manager IFM Investor was ready to sweep up Dexus' shares in Melbourne Airport operator APAC under a forced sale process triggered by a default notice for alleged confidentiality breaches, a court heard Tuesday.

The chair of airport operator APAC has admitted redacting advice from Herbert Smith Freehills Kramer to remove a suggested remedy for major shareholder Dexus' alleged breach of confidentiality, but denies she misled the board.

A top in-house lawyer at Dexus has told a court the real estate asset manager was using an altered form of a non-disclosure agreement with bidders of a portion of its APAC bloc of shares without the approval of the airport operator's co-owners.

The court battle between APAC and major shareholder Dexus over the sale of an investor's stake in the airport operator went to a hearing this week, but it's the solicitors representing the warring parties that found themselves on trial.

A judge has threatened to vacate the trial in Dexus’ case against Melbourne Airport operator APAC after all the defendants tried to file documents late, suggesting the lawyers may be hit with personal costs orders.

Questioning of the first witness in Dexus' case against Melbourne Airport's operator was an hour in when trial was halted by the judge, who complained of flying by the seat of his pants, documentary evidence-wise.

A court has ordered Macquarie Securities to pay an agreed $35 million penalty after finding that “serious deficiencies" in its reporting systems resulted in repeated failures to accurately report short sales.

A judge has dismissed objections to ASIC’s evidence ahead of a penalty hearing in its case against BSF Solutions, Cigno and two directors, saying they were “not entitled to save up any such complaint” until after the liability hearing.

Dexus has halved the number of documents it claims are shielded by legal privilege from production to fellow owners of airport operator APAC ahead of trial over an alleged breach of a shareholder deed, a court heard Monday.