Australian Securities and Investments Commission v Xiao & Ors [2011] NSWSC 1067

Supreme Court New South Wales

Medium Neutral Citation: Australian Securities and Investments Commission v Xiao & Ors [2011] NSWSC 1067 Hearing dates: 9 September 2011 Decision date: 12 September 2011 Jurisdiction: Equity Division - Corporations List Before: Barrett J Decision: Upon the following undertakings given to the court by the first defendant and the fifth defendant through their counsel, namely (a) the undertaking of the first defendant that if he leaves Australia on 13 September 2011 to travel to Hong Kong for the purposes of attending to visa requirements in Hong Kong, he will return to Australia on 14 September 2011; and (b) the undertaking of the fifth defendant that before the first defendant leaves Australia on 13 September 2011 she will surrender to the solicitor acting for the first and fifth defendants her passport and that she will not request its return to her until after the first defendant returns to Australia from Hong Kong, the court extends until 5pm on 22 September 2011 order 3 made on 9 September 2011 in respect of the first defendant but on the footing that that order as so extended does not prevent the first defendant from leaving Australia on 13 September 2011 to travel to Hong Kong for the purposes of attending to visa requirements. Catchwords: CORPORATIONS - securities - dealing in securities - ASIC suspects insider trading and has commenced investigation - certain persons submit to short term restraints including freezing and travel orders - one such person wishes to have exception to travel order to permit specific travel - nature of task before the court - balancing of interests Legislation Cited: Corporations Act 2001 (Cth), s 1323, Division 3 of Part 7.10 Cases Cited: Australian Securities and Investments Commission v Australian Investors Forum Pty Ltd [2001] NSWSC 1180 Australian Securities and Investments Commission v Carey (No 3) [2006] FCA 433; (2006) 57 ACSR 307 Australian Securities and Investsments Commission v Mauer-Swisse Securities Ltd [2002] NSWSC 684; (2002) 20 ACLC 1530 Australian Securities and Investments Commission v Secured Bond Ltd [2009] NSWSC 1261 Category: Interlocutory applications Parties: Australian Securities and Investments Commission - Plaintiff Steven Hui Xiao - First Defendant Calvin Bo Shi Zhu - Second Defendant Fan Zhang - Third Defendant Wingatta Pty Ltd - Fourth Defendant Xike Hu - Fifth Defendant FanFan Chen - Sixth Defendant Representation: Mr D R Stack - Plaintiff Mr M A Jones - First and Fifth Defendants Mr A S McGrath - Third Defendant Conrad Gray, Solicitor for Australian Securities and Investments Commission Arnold Bloch Leibler - First and Fifth Defendants Thompson Eslick - Third Defendant File Number(s): 2011/00285688