08-150 Full Federal Court decision - P Dawson Nominees Pty Ltd
Friday 4 July 2008
ASIC welcomes today’s decision of the Full Federal Court in the matter of ASIC v P Dawson Nominees Pty Limited (P Dawson Nominees).
The hearing related to ASIC’s objection to produce certain documents in relation to Multiplex Limited on the grounds of public interest immunity. In July 2007 ASIC was subpoenaed to produce material as part of proceedings issued against Multiplex by P Dawson Nominees on behalf of some Multiplex shareholders.
‘This decision is an important one for whistleblowers. It affirms the principle that when people come forward to report matters to ASIC in confidence, their confidence will be respected where that is in the public interest. Otherwise, there is the risk that fewer people would report matters to us’, ASIC Chairman, Mr Tony D’Aloisio said.
‘ASIC carefully considers this principle against the important right of the public (e.g. through the media) to seek access to information’, Mr D’Aloisio said.
The Court awarded costs in ASIC’s favour.
ASIC does not intend to make any further comment at this stage.
Background
On 21 December 2006 Multiplex Limited entered into an Enforceable Undertaking with ASIC (see ASIC Media Release 06-443). Multiplex gave undertakings to, amongst other things, accelerate the payment of a $50 million indemnity and establish a $32 million fund to meet the claims of shareholders who suffered loss.
Proceedings were issued against Multiplex Limited by P Dawson Nominees on behalf of some Multiplex shareholders in December 2006 in the Federal Court in Melbourne. On 13 July 2007 P Dawson Nominees issued a subpoena to ASIC to produce certain material. ASIC produced a large amount of material in response to that subpoena but objected to the production of some documents on the grounds of public interest immunity. ASIC’s claim for public interest immunity was heard but was unsuccessful at first instance in the Federal Court on 14 November 2007. The Full Court of the Federal Court heard the appeal from that decision on 8 May 2008 and handed down its judgment today.
ASIC Website: Printed 03/14/2010
