Australian Securities and Investments Commission v Xiao & Ors [2011] NSWSC 1638

Supreme Court New South Wales

Medium Neutral Citation: Australian Securities and Investments Commission v Xiao & Ors [2011] NSWSC 1638 Hearing dates: 21 and 23 December 2011 Decision date: 23 December 2011 Jurisdiction: Equity Division - Duty List Before: Slattery J Decision: Existing orders varied to restrain the Second Defendant from leaving or attempting to leave Australia. Catchwords: CORPORATIONS - securities - dealing in securities - ASIC suspects insider trading and has commenced investigation - first and second defendants submit to short term restraints on travel out of Australia - first defendant fails to return to Australia contrary to agreed restraints - second defendant proposes to travel out of Australia to China - ASIC seeks variation to existing orders so as to prevent the second defendant's overseas travel - nature of task before the Court - balancing of interests. Legislation Cited: Corporations Act 2001 (Cth) Cases Cited: Adam P Brown Male Fashions v Phillip Morris (1981) 148 CLR 170 ASIC v Hawley [2008] FCA 1243 ASIC v Secured Bonds [2009] NSWSC 1261 ASIC v Xiao & Ors [2011] NSWSC 1067 Category: Interlocutory applications Parties: Plaintiff- Australian Securities and Investments Commission Second Defendant- Calvin Zhu Representation: Plaintiff- Mr D. R. Stack Second Defendant- Mr R. Beech-Jones Plaintiff- Mr Conrad Gray, Solicitor for the Australian Securities and Investments Commission Second Defendant- Messrs Watson Mangioni File Number(s): 2011/00285688 Publication restriction: No.