ASIC v Mauer-Swisse Securities Ltd and Anor [2002] NSWSC 684

Reported Decision : (2002) 20 ACLC 1530

New South Wales Supreme Court

CITATION : ASIC v Mauer-Swisse Securities Ltd and Anor [2002] NSWSC 684 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 3823/02 HEARING DATE(S) : 31 July and 1 August, 2002 JUDGMENT DATE : 2 August 2002

Australian Securities and Investments Commission - Plaintiff PARTIES : Mauer-Swisse Securities Limited - First Defendant Alan Goldman - Second Defendant JUDGMENT OF : Palmer J

COUNSEL : D.R. Stack - Plaintiff B.R. McClintock, P.J. Brereton - Second Defendant SOLICITORS : Jan Redfern, Regional General Counsel, ASIC - Plaintiff Blake Dawson Waldron - Second Defendant CATCHWORDS : CORPORATIONS - SECURITIES INDUSTRY - INVESTIGATION - ASIC commences investigation into apparently fraudulent investment scheme - company involved is incorporated in New Zealand - director of New Zealand company served while in Australia with a Notice to Produce documents under s.33 ASIC Act - director claims ASIC has no jurisdiction to compel production of documents by New Zealand company - ASIC obtains ex parte orders under s.1323(1) and (3) of Corporations Act requiring director to deliver up passport and not depart from Australia - director claims Court has no power under s.1323 to detain a person in Australia for the purpose of assisting ASIC in its investigations - principles discussed. HELD: It is within the purposes of protecting the interests of aggrieved persons, within the meaning and operation of s.1323(1), that a person be detained in Australia to assist ASIC in its investigations into a possibly fraudulent scheme involving Australian investors. Australian Securities and Investments Commission Act - s.33 LEGISLATION CITED : Corporations Act, 2001 (Cth) - s.79, s.911A, s.1041F, s.1041G, s.1041H, s.1041I, s.1323(1), (3), s.1324(1), (4) Sharebrokers Act, 1908 (NZ) CASES CITED : ASIC v Australian Investors Forum Pty Ltd [2001] NSWSC 1180 DECISION : Orders under s.1323(1)(j) and (k) of the Corporations Act continued, subject to review.