The Australian Securities and Investments Commission (ASIC) has lost a major case on appeal against the directors of a retirement home investment scheme, including former Howard government health minister Michael Wooldridge.
The Full Federal Court overturned a lower court decision which disqualified and fined the five former directors of Australian Property Custodian Holdings (APCH) for breaching their duties under the Corporations Act.
APCH ran the Prime Retirement and Aged Care Property Trust, which owned retirement properties in Queensland, NSW and Victoria.
The company went into liquidation in November 2011, with $550 million in funds from abo…
Read the full article at: http://www.abc.net.au/news/2017-11-01/asic-loses-federal-court-case-against-prime-trust/9108888