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”.
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”.
Last-mile logistics software firm GetSwift has offered a last minute undertaking that it will be covered for any judgments and penalties in a class action and ASIC case, after a judge expressed concerns about the company’s bid to redomicile to Canada amid the ongoing litigation.
Two former executives of mining giant Rio Tinto accused by ASIC of breaching their directors duties have asked the court to vacate an upcoming trial, after raising concerns that COVID-19 could affect their ability to appear.
In a win for ASIC, a judge has found that former oil and gas company Antares Energy violated its continuous disclosure obligations by failing to reveal the name of the buyer behind an ill-fated US$254 million acquisition of Texan oil assets.
ASIC’s case against GetSwift and its founders Joel Macdonald and Bane Hunter makes accusations against both directors but relies on alleged conduct by only Hunter, a lawyer for Macdonald has told a court on the last day of trial in the corporate regulator’s case.
A seven-week trial in ASIC’s misleading conduct case against Rio Tinto may have to be postponed after two executives of the mining giant raised concerns that COVID-19 could impact their ability to appear as defendants in the case.
A former director of GetSwift has given evidence at trial in ASIC’s case against the logistics provider that the company drafted a correction to a misleading ASX announcement about a deal with fruit and milk delivery provider Fruit Box but never released it.
A judge has dismissed a defensive bid by ASIC to amend its case against GetSwift mid-trial, instead calling on “common sense” to be injected into the proceeding as the hearing enters its second week.