Gangemi v Australian Securities & Investments Commission And Liedermoy v Australian Securities & Investment Commission [2003] FCA 494

FEDERAL COURT OF AUSTRALIA

Gangemi v Australian Securities & Investments Commission

And

Liedermoy v Australian Securities & Investment Commission

[2003] FCA 494

CORPORATIONS – investigations – examinations – directions to examinee and legal representative by inspector – direction as to non-disclosure of content of examination – direction unlimited in time – implied power to make non-disclosure direction – power not unlimited in time – power not extending beyond completion of investigation – non-disclosure order invalid – legal representation – right of legal representation – right of inspector to exclude lawyer of examinee's choice – lawyer representing several examinees – evidence of disclosure between excluded lawyers of content of examination – exclusion order for legitimate purposes – reasonable basis for exclusion order – exclusion order valid Australian Securities and Investments Commission Act 2001 (Cth) s 13(1), s 19. s 22(1) and (2), s 23(1), (2) and (3), s 51, s 55 (1), (2), s 56(1) and (2) Administrative Decisions (Judicial Review) Act 1977 (Cth) National Companies and Securities Commission v Bankers Trust Australia Ltd (1989) 24 FCR 217 discussed Australian Securities Commission v Bell (1991) 104 ALR 125 applied Stockbridge v Ogilvie (1993) 10 ACSR 688 applied NINO GANGEMI v AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION W289 OF 2002 JOHN OLIVER LIEDERMOY v AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION W290 OF 2002 FRENCH J 20 MAY 2003 PERTH

IN THE FEDERAL COURT OF AUSTRALIA

WESTERN AUSTRALIA DISTRICT REGISTRY W289 OF 2002

BETWEEN: NINO GANGEMI

APPLICANT

AND: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

RESPONDENT

JUDGE: FRENCH J

DATE OF ORDER: 20 MAY 2003

WHERE MADE: PERTH

IT IS HEREBY DECLARED THAT: 1. The direction made on 18 September 2002 by the Respondent by its delegate Marcus Claridge that the Applicant and his legal representative may not discuss with or disclose to any other person any matter concerning the investigation disclosed in the examination of the Applicant pursuant to s 19 of the Australian Securities and Investments Commission Act 2001 is invalid. 2. The application is otherwise dismissed. 3. There be liberty to apply on the question of costs within 7 days by written submissions.