Kim v Wang [2023] FCAFC 115

Federal Court of Australia

Kim v Wang [2023] FCAFC 115 Appeal from: Kim v Hodgson Faraday Pty Limited [2022] FCA 1190

File number: NSD 972 of 2022

Judgment of: MOSHINSKY, LEE AND JACKMAN JJ

Date of judgment: 25 July 2023

Catchwords: CORPORATIONS – misleading or deceptive conduct in relation to financial services – accessorial liability – where the applicant alleged at first instance that two companies (TM Index and TMK Index) made representations to potential investors that the companies' investments were legitimate and regulated by the Australian Securities and Investments Commission – where the real issue at first instance was whether the respondent was involved in making the representations – where the primary judge was not satisfied that the respondent had actual knowledge of the making and falsity of the representations – whether the primary judge erred in not inferring that the respondent had actual knowledge of these matters

Legislation: Australian Securities and Investments Commission Act 2001 (Cth), ss 5, 12DA, 12GF, 12GH Corporations Act 2001 (Cth), s 79, 761A, 911A, 912DA, 913B, 913BA, 915A Evidence Act 1995 (Cth), s 98 Federal Court of Australia Act 1976 (Cth), ss 28, 33C, 33H, 33J, 33V, 33ZB Trade Practices Act 1974 (Cth) Federal Court Rules 2011, r 39.05

Cases cited: Australian Competition and Consumer Commission v Michigan Group Pty Ltd [2002] FCA 1439 Australian Securities and Investments Commission v ActiveSuper Pty Ltd (in liq) [2015] FCA 342; 235 FCR 181 Australian Securities and Investments Commission v Hellicar [2012] HCA 17; (2012) 247 CLR 345 Axon v Axon (1937) 59 CLR 395 Blatch v Archer (1774) 1 Cowp 63 Bowler v Hilda Pty Ltd [2000] FCA 899 Compaq Computer Australia Pty Ltd v Merry [1998] FCA 968; 157 ALR 1 Cooper v The Queen [2012] HCA 50; (2012) 87 ALJR 32 Coulton v Holcombe (1986) 162 CLR 1 Edwards v The Queen (1993) 178 CLR 193 Ethicon Sàrl v Gill [2021] FCAFC 29; (2021) 288 FCR 338 Fox v Percy [2003] HCA 22; 214 CLR 118 Giorgianni v The Queen [1985] HCA 29; (1985) 156 CLR 473 Girlock (Sales) Pty Ltd v Hurrell (1982) 149 CLR 155 Jones v Dunkel (1959) 101 CLR 298 Keller v LED Technologies Pty Ltd [2010] FCAFC 55; 185 FCR 449 Kozarov v Victoria [2022] HCA 12; 273 CLR 115 Kuhl v Zurich Financial Services Australia Ltd [2011] HCA 11; (2010) 243 CLR 361 Lee v Lee [2019] HCA 28; 266 CLR 129 Marriner v Australian Super Developments Pty Ltd [2016] VSCA 141 Moriarty v London, Chatham & Dover Railway Co (1870) LR 5 QB 314 NMFM Property Pty Ltd v Citibank Ltd (No 10) (2000) 107 FCR 270 NOM v Director of Public Prosecutions [2012] VSCA 198; (2012) 38 VR 618 Oran Park Motor Sport Pty Ltd v Fleissig [2002] NSWCA 371 Pioneer Mortgage Services Pty Ltd v Columbus Capital Pty Ltd [2015] FCA 1067 Quinlivan v Australian Competition and Consumer Commission [2004] FCAFC 175; 160 FCR 1 R v Burdett (1820) 4 B & Ald 95; 106 ER 873 Roberts-Smith v Fairfax Media Publications Pty Limited (No 41) [2023] FCA 555 Sagacious Legal Pty Ltd v Wesfarmers General Insurance Ltd [2011] FCAFC 53 Suttor v Gundowda Pty Ltd (1950) 81 CLR 418 The Zamora (No 2) [1921] 1 AC 801 Tozer Kemsley & Millbourn (A'Asia) Pty Ltd v Collier's Interstate Transport Service Limited (1956) 94 CLR 384 Transport Industries Insurance Co Ltd v Longmuir [1997] 1 VR 125 Uniting Church in Australia Property Trust (NSW) v Allianz Australia Insurance Limited (Liability Judgment) [2023] FCA 190 Walplan Pty Ltd v Wallace (1985) 8 FCR 27 Warren v Coombes [1979] HCA 9; 142 CLR 531 Yorke v Lucas [1985] FCA 65; 158 CLR 661 Zervas v Burkitt (No 2) [2019] NSWCA 236