ASIC v Elm Financial Services [2004] NSWSC 859

Reported Decision : 50 ACSR 406 (2004) 22 ACLC 1376

New South Wales Supreme Court

CITATION : ASIC v Elm Financial Services [2004] NSWSC 859 HEARING DATE(S) : 30 July and 5 August 2004 JUDGMENT DATE : 16 September 2004 JURISDICTION: Equity JUDGMENT OF : Austin J DECISION : Application denied

CATCHWORDS : CORPORATIONS - civil penalty proceedings - investigation under ASIC Act - compulsory powers of examination and production of documents under ss 19 & 32A of ASIC Act - extent of powers - whether power spent upon commencement of civil penalty proceedings - contempt of court - whether use of statutory power gives ASIC unfair advantage in penalty proceedings LEGISLATION CITED : Australian Securities & Investments Commission Act 2001 (Cth) ss 19, 32A, 68 Corporations Act 2001 (Cth) ss 708, 727, 1021C, 1317R, 1337B, 1337H Brambles Holdings Ltd v Trade Practices Commission (No 2) (1980) 44 FLR 182 De Greenlaw v National Companies and Securities Commission (1989) 7 ACLC 789 Environment Protection Authority v Caltex Refining Co Pty Ltd (1993) 178 CLR 477 Flanagan v Commissioner of Australian Federal Police (1996) 60 FCR 149 Hak Song Ra v Australian Crime Commission [2004] FCA 416 CASES CITED : Huddart, Parker & Co Pty Ltd v Moorehead (1909) 8 CLR 330 Melbourne Steamship Co Ltd v Moorehead (1912) 15 CLR 333 Pioneer Concrete (Vic) Pty Ltd v Trade Practices Commission (1982) 152 CLR 460 R v Associated Northern Collieries (1910) 11 CLR 738 Rich v ASIC [2004] HCA 42 Warringah Shire Council v Pittwater Provisional Council (1992) 26 NSWLR 491 Australian Securities and Investments Commission (P) Elm Financial Services Pty Ltd (D1) Elm Nominee Services Pty Ltd (D2) Elm Management Services Pty Ltd (D3) Elm Property Developments Pty Ltd (D4) Fletcher Securities Pty Ltd (D5) PARTIES : E Star Developments Redfern Pty Ltd (D6) E Star Developments Surry Hills Pty Ltd (D7) Dennis Howell Terracini (D8) Andrew Dennis Terracini (D9) Duncan Grant McCartney (D10) Robert John Kay (D11) Howard Young (D12) FILE NUMBER(S) : SC 2313/04 COUNSEL : J J Graves SC & R K Eassie (P/R) R T Beech-Jones (D1/D10/A) SOLICITORS : Jan Redfern, Solicitor for Australian Securities and Investments Commission (P/R) Turkslegal (D1/D10/A)