Directors Of Reid Murray In Court

Press, Volume CIII, Issue 30481, 1 July 1964, Page 15

Directors Of Reid Murray In Court

(N.Z. Press Association—Copyright)

PERTH, June 30. Criminal proceedings against the two joint managing directors of Reid Murray Developments (WA.) Company, Ltd., opened in Perth Police Court today.

The two men, Peter Charles Sullivan, aged 41, and John Lawrence Simpson, aged 34, each face 17 charges of intent to defraud and of stealing, involving more than £25,000.

These are stated to be the first criminal charges in Australia against officers of the Reid Murray group of companies whose losses have been estimated at £19,000,000. The hearing is expected to last about three days.

Sullivan and Simpson are charged with 12 offences of Intent to defraud and five of stealing. In the last three counts of stealing, they and a third man, Reid Murray Development’s project manager, Donald Allen Russell, aged 27, are jointly charged.

Russell came before the Court early today and the charges relating to him were adjourned until tomorrow. In Melbourne, Reid Murray Acceptance, Ltd., which owes £29 million on debentures, will make its first payment to debenture holders after the Supreme Court decision bn the ranking of Issue 3 debentures.

This was announced late yesterday by the joint receivers, Mr C. J. Waugh and Mr E. H. Niemann.

Equity Trustees Executors and Agency Company, Ltd., trustee for the debenture holders, is seeking a court decision on whether the £3.7 million of Issue 3 debentures rank equally with the other issues.