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Open4Sale Global’s directors have been penalised $2.6 million for breaching disclosure laws in raising money from investors, who were labelled “a bunch of idiots” by the company’s boss.
SocGen hit with $3.88M fine for market gatekeeper failures
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French bank Societe Generale has been hit with a $3.88 million fine for allowing two clients to place suspicious orders on the electricity and wheat futures market, following an investigation by ASIC.
OneSteel’s administrators win case over Whyalla port infrastructure
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A GFG subsidiary has lost its cross-claim in a battle with OneSteel’s administrators over infrastructure assets at South Australia’s Whyalla port, which is used to export the state’s iron ore.
Government pledges $3.8B for Marinus Link project
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In its largest ever investment, the federal government’s Clean Energy Finance Corporation has pledged $2.8 billion for the Marinus Link project to build a second underwater cable between Victoria and Tasmania.
Global Capital liquidators expand case over $50M development
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The liquidators of real estate investment company Global Capital Property Fund have expanded their suit alleging breaches of fiduciary duties in relation to a $50 million Queensland development, adding special purpose vehicles for several developments in Victoria.
Mobile crane cartel affected Sydney infrastructure projects: ACCC
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The ACCC has taken Sydney’s four largest mobile crane companies and four of their senior executives to court for allegedly engaging in cartel conduct by agreeing not to supply cranes to certain customers or construction sites.
Parklea development owners try again on $13M insurance claim for defects
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The owners corporation of a 98-unit Parklea development by defunct builder Dyldam Developments have appealed a ruling that found time was up on its insurance claim for building defects in a property completed 17 years ago.
ACCC accuses Aldi produce suppliers of engaging in cartel conduct
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The ACCC has accused four produce suppliers and three senior executives of fixing prices on vegetables supplied to discount grocery chain Aldi over a six-year period.
Uber files High Court challenge in $81M payroll tax dispute
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Uber wants the High Court to weigh in on its dispute with the NSW State Revenue Office over five years of payroll tax, after an appeals court found payments made to drivers were taxable.
Class action probe targets Queensland over youth detention centres
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Queensland is facing a class action investigation on behalf of detainees who were allegedly subjected to isolation, excessive force and other harmful conditions at five youth detention centres in the state.