The Supreme Court of Queensland has rejected former Octaviar deputy chief executive and director Craig Robert White's application because he faces criminal charges in New Zealand.
The court has directed that the trial, which commenced on 4 November 2013, must continue.
Craig Robert White and David Anderson have been charged with criminal offences in New Zealand relating to allegedly false statements made in a prospectus for MFS Pacific Finance.
ASIC commenced the long-running civil proceedings in November 2009, following the January 2008 collapse of Octaviar. The corporate regulator has made allegations against Mr White, as well as against Guy Hutchings, Michael King, David Anderson and Marilyn Watts in relation to their involvement with Octaviar and its subsidiaries.
ASIC is seeking declarations of contraventions of the Corporations Law, pecuniary penalties, compensation and disqualifications from managing corporations.
The allegations concern illegal transfers or false documentation in relation to more than $260 million in invested funds.
Justice Muir of the Queensland Court of Appeal stated in his judgement of 3 December 2013 that the individuals concerned “have defended the claims against them vigorously”.
He added, “It is apparent…that the New Zealand proceedings are substantially different in nature from the present proceedings, which relate principally to the misapplication or misappropriation of investors’ money.”
The trial continues today before Justice Douglas in the Brisbane Supreme Court.
