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ASIC is seeking approval from the High Court to appeal a judgment that let a former director of Gold Coast finance company MFS Group partially off the hook for $147.5 million in misappropriated funds, saying the High Court needs to clarify the scope of the word "officer" under the Corporations Act.
Three former executives of failed Gold Coast finance company MFS Group have lost their challenge to a ruling that they misappropriated $147.5 million in funds prior to the company's collapse.