Sydney (ANTARA News/Asia Pulse) - Australia's corporate watchdog has failed in its civil action against One.Tel founder Jodee Rich and the telecommunication's company's finance director Mark Silbermann.

New South Wales Supreme Court judge Robert Austin on Wednesday handed down his judgement in the long running case launched by the Australian Securities and Investments Commission (ASIC).

In December 2001, ASIC launched legal action seeking to ban both Mr Rich and Mr Silbermann from being directors and managers of companies.

ASIC claimed the pair had misled the One.Tel board, which included James Packer and Lachlan Murdoch, over the financial state of the company which collapsed in May that year.



Source:
Business in Asia Today - Nov 18, 2009
published by <a href="http://www.asiapulse.com">Asia Pulse</a>