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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.
High Court to weigh ‘honest claim of right’ defence for property offences
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The High Court will hear a case centred on the ‘honest claim of right’ defence for property offences, after an appeals court handed a win to an Indigenous man who cleared native vegetation on government-owned land.
BGC’s Ventura Homes loses remedy order challenge over Iplex pipes
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In a loss for builder Ventura Home Group, a Western Australia tribunal has found the state’s building commissioner can issue a remedy order over the installation of alleged faulty pipes at a residential property.
Gallagher Hotel Management snaps up The Oaks Hotel for $140M
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Family-owned Gallagher Hotel Management has acquired The Oaks Hotel in Sydney’s Neutral Bay for $140 million.
M&G partners with Stockland on senior living communities
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M&G Real Estate and Stockland have entered a partnership to develop a portfolio of land lease communities within Australia’s senior living sector.
Next Constructions accuses ex-employee of $700K in secret profits
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Sydney builder Next Constructions has accused a former employee and his wife of procuring $700,000 in secret profits by allegedly directing subcontractors to pay a company they controlled.
Super fund that vetoed First Guardian can shield due diligence intel
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Super fund HUB24, which rejected the now collapsed First Guardian fund as an investment for members, can protect its due diligence process from getting into the hands of rival Diversa, whose members weren’t so lucky.
Judge ‘very, very unhappy’ with progress in Hyundai, Kia class actions
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The judge overseeing class actions against Hyundai and Kia has taken the parties to task over lack of progress in the cases, calling them out for “paying lip service” to the obligation to proceed expeditiously.
Shangri-La director loses case against insurers over cladding liability
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A director of collapsed builder Shangri-La Construction who was found personally liable for $3.2 million in rectification costs for combustible cladding in a Melbourne apartment complex has failed to pass on his costs to his insurers.
CapitaLand Ascendas REIT trustee not entitled to $1.4M rent guarantee: court
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A court has excused the developer of a warehouse in greater western Sydney from paying a $1.38 million rent guarantee to CapitaLand Ascendas’ REIT trustee Perpetual, finding it met its obligation to procure a tenant.