Last-mile logistics software company GetSwift has ceased trading on the ASX after its relocation to Canada got the greenlight by the Federal Court and FIRB despite the company facing ongoing litigation in Australia.
A judge has found that a plan by last mile logistics software company GetSwift to relocate to Canada in the midst of ongoing civil litigation would not “disproportionately prejudice” ASIC, which is seeking penalties against the company.
A judge has indicated she will approve GetSwift’s plans to relocate to Canada, despite concerns raised by ASIC, but will wait until the company has received approval from the Foreign Investment Review Board.
A judge has vacated a seven-week trial in proceedings brought by ASIC against two former Rio Tinto executives to March or April 2022, after they requested a “lengthy delay” to ensure a COVID-19 vaccine would be available before they travel to Australia for trial.
Logistics software company GetSwift has tried to assure the Federal Court that an attempt to relocate to Canada is not for the purpose of avoiding pecuniary penalties and damages in civil proceedings brought by ASIC and a $50 million shareholder class action.
Treasurer Josh Frydenberg has indicated the government may oppose GetSwift’s bid to relocate to Canada while it’s facing a $50 million shareholder class action and ASIC enforcement proceedings, a move which a judge recently described as “not a good look”.
A former Rio Tinto executive living in the US who wants to appear in person at an upcoming trial in a case brought by ASIC says the hearing should be moved to next year when a COVID-19 vaccine will likely become available and he could travel to Australia to “mount a vital defence”.
An appeals court has shot down oil and gas giant Santos’ bid for expanded discovery against engineering company Fluor, finding that the application was “akin to a fishing expedition” that was based on “a shaky assumption” by lawyers from Corrs Chambers Westgarth.
A judge has said she was “currently minded” to sign off on a scheme of arrangement that would see last-mile logistics software firm GetSwift relocate to Canada, but has sought further submissions on whether any Australian civil penalties sought against the company by ASIC would be enforceable in the Canadian courts.
A judge said Friday that a bid by last-mile logistics software firm GetSwift to relocate to Canada as it faces a potential $20 million civil penalty from ASIC and a $50 million class action was “not a good look”.