ARTICLE · 05 JANUARY 2013

Directors and Officers – the year ahead

Curwoods Lawyers

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Directors and officers will continue to come under close scrutiny, particularly those to appear before the ICAC Inquiry.

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Fallout from ICAC Inquiry into NSW Mining Licences

Proceedings have been commenced in the Federal Court for "misleading and deceptive" conduct against 16 individuals and companies, including the Obeid family, stockbrokers Brent Potts and Peter Gray, as well as directors and officers of Cascade Coal, a company at the centre of the Inquiry. ¹

News reports indicate that companies associated with wealthy property developer Denis O'Neil, and Alfa Romeo dealer and yachtsman Neville Crichton, have decided to sue over a $13 million investment in Cascade Coal. They claim that, as a consequence of misleading and deceptive conduct and breach of trust, they invested in Cascade, but the money was forwarded not to Cascade as agreed, but rather ended up with a third party, which, through a complex web of companies, was linked to the Obeid family. ²

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