12-206MR ASIC appeals against penalties imposed on former AWB chief financial officer
Monday 27 August 2012
ASIC has filed a notice of appeal against the judgment delivered by the Supreme Court of Victoria in relation to ASIC’s civil penalty proceedings against Paul Ingleby, the former chief financial officer of AWB Limited.
On 10 August 2012, the Court declared that Mr Ingleby had contravened section 180(1) of the Corporations Act 2001 and ordered he pay a pecuniary penalty of $10,000 and be disqualified from managing corporations until 31 December 2012 (refer: 12-192MR).
This followed the Court hearing a Statement of Agreed Contravention about Mr Ingleby’s conduct in which he acknowledged contravening section 180(1) of the Corporations Act arising from AWB’s supply of wheat to Iraq under the United Nations Oil-for-Food Programme. The Court also heard a joint submission made by ASIC and Mr Ingleby that the appropriate penalty for the admitted contravention ought to be a pecuniary penalty of $40,000 and that he be disqualified from managing corporations for a period of 15 months.
ASIC’s appeal is based on our contention that the agreed penalties were within the range of penalties appropriate to Mr Ingleby’s contravention.
The appeal will be heard by the Court of Appeal of the Supreme Court of Victoria on a date to be fixed.