Corporate watchdog to appeal One.Tel ruling

The Australian Securities and Investment Commission will appeal a NSW Supreme Court decision to dismiss a civil case against two former One.Tel executives.

The corporate watchdog said late yesterday it had lodged a notice of intention to appeal in the NSW Court of Appeal.

ASIC brought civil proceedings against the former joint managing director Jodee Rich and finance director Mark Silbermann of the failed junior telco One.Tel back in 2001.

It had “sought rulings from the court on the duties and obligations of officers to disclose a company’s financial position to the board and the market.”

The case was dismissed almost a month ago. At the time of the shock ruling, ASIC said it needed time to go through the over 3,100-page rulings tome before deciding its next move.

ASIC has until 27 February next year to commence an appeal of the decision.