ASIC Issues Proceedings Against Centro Executives

THE Australian Securities and Investments Commission has launched proceedings against current and former officers at Centro.

Executives associated with the Centro Retail Trust and Centro Properties Group will need to defend claims they did not breach their duties of care, related to the accuracy of information in the company’s public financial reports.

A full copy of ASIC’s statement of claim is available at this link:

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Australian Businessmen Working on Dubai’s Waterfront Development Released

MELBOURNE businessmen Matt Joyce and colleague Marcus Lee have been granted bail after serving nine months in a Dubai prison, on suspicion of fraud.

The businessmen worked for the Nakheel company’s multi-billion Dubai Waterfront development, and were arrested in January and jailed for six months before charges of misappropiation were laid. An application to hear their case was granted last month.

The pair will be forced to hand in their passports. The first witness will appear on November 17.

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