Findlay & Co Stockbrokers (Underwriters) Pty Limited v Carminco Gold & Resources Limited [2007] FCA 573

FEDERAL COURT OF AUSTRALIA

Findlay & Co Stockbrokers (Underwriters) Pty Limited v Carminco Gold & Resources Limited [2007] FCA 573

TRADE PRACTICES – misleading and deceptive conduct – false or misleading statement by corporations relating to interests held in mining ventures – liability of director of corporations knowingly concerned or party to the conduct – money advances and loan made in reliance on representations – no reasonable grounds for making the representations – damages – interest payable Held: Application upheld and judgment entered for the applicant. Federal Court of Australia Act 1976 (Cth), s 51A(1)(a) Trade Practices Act 1974 (Cth), ss 51A, s 52, 75B, 82 Baltic Shipping Company v Dillon (1993) 176 CLR 344, cited Brown and Another v Jam Factory Pty Ltd (1981) 53 FLR 340 at 348, cited Concrete Constructions (NSW) Pty Limited v Nelson (1990) 169 CLR 594, cited Daly v The Sydney Stock Exchange Limited (1986) 160 CLR 371, cited Equity Access Pty Ltd v Westpac Banking Corporation and Another (1990) ATPR 40-994 at 50,950; (1989) 16 IPR 431, cited Findlay & Co Stockbrokers (Underwriters) Pty Limited v Carminco Gold & Resources Limited [2007] FCA 499, cited Henjo Investments Pty Limited and Others v Collins Marrickville Pty Limited (No 1) (1988) 39 FCR 546, cited Hornsby Building Information Centre Proprietary Limited and Another v Sydney Building Information Centre Limited (1978) 140 CLR 216, cited I & L Securities Pty Limited v HTW Valuers (Brisbane) Pty Limited (2002) 210 CLR 109, cited Muschinski v Dodds (1985) 160 CLR 583, cited National Commercial Banking Corporation of Australia Limited v Batty (1986) 160 CLR 251, cited Parkdale Custom Built Furniture Proprietary Limited v Puxu Proprietary Limited (1982) 149 CLR 191 at 198, cited Pavey & Matthews Proprietary Limited v Paul (1987) 162 CLR 221, cited Rhone- Poulenc Agrochimie SA and Another v UIM Chemical Services Pty Ltd and Another (1986) 12 FCR 477, cited. Rowland v Divall [1923] 2 KB 500, cited Roxborough and Others v Rothmans of Pall Mall Australia Limited (2001) 208 CLR 516, cited Wardley Australia Limited and Another v The State of Western Australia (1992) 175 CLR 514, cited FINDLAY & CO STOCKBROKERS (UNDERWRITERS) PTY LIMITED ACN 078 379 683 v CARMINCO GOLD & RESOURCES LIMITED (FORMERLY KNOWN AS TRANS PACIFIC MINING LTD) ACN 095 749 670, TRANS PACIFIC MINING LTD ACN 107 393 948 AND RODERICK NEIL SALFINGER NSD 829 OF 2004