This article is from the Australian Property Journal archive
LAYWERS behind a class action against Multiplex have finally gained access to documents held by the Australian Securities and Investments Commission.
Last Friday, the Federal Court ordered that ASIC hand over tran scri pts pertaining to its investigation into the Wembley Stadium debacle.
But despite ASIC agreeing to handover the documents in July this year, last Friday, law firm Maurice Blackburn Cashman told the Federal Court ASIC was reluctant to produce the tran scri pts on the grounds they were subject to a public interest immunity
Judge Alan Goldberg rejected the claim.
Back in June, Multiplex was against the regulator handing over its investigation into the Wembley Stadium debacle and argued that Maurice Blackburn Cashman should not have access to the private and confidential documents because the funder could not guarantee costs beyond September and that the case maybe discontinued.
But Maurice Blackburn Cashman argued that the regulators’ documents would save enormous amount of time and costs.
And despite Multiplex’s opposition, at the time, Justice Peter Heerey ordered ASIC to hand over documents from its investigation into Multiplex’s Wembley Stadium debacle.
Justice Heerey said the documents will assist the plaintiffs in better understanding their position and the strength and weaknesses in their case against Multiplex.
In December last year, Multiplex agreed to a $32 million settlement with ASIC – for failing to inform investors over the costs blowout associated with the Wembley Stadium project.
Justice Heerey added that the documents could potential resolve any questions the plaintiffs might be seeking.
Multiplex is currently being sued by investors who claim Multiplex withheld information on the losses associated with the Wembley Stadium debacle.
Meanwhile, last week, Multiplex was successfully taken over by Brookfield Asset Management after the Canadian fund manager secured over 90% of Multiplex securities.
Brookfield will now proceed with the compulsory acquisition of the outstanding securities.
Australian Property Journal