IEL lashes Aust. tactics

Press, 30 January 1986, Page 24

IEL lashes Aust. tactics

PA Sydney The chairman of Industrial Equity, Ltd, Mr Ron Brierley, has told North Broken Hill Holdings, Ltd, directors and the National Companies and Securities Commission that lEL does not propose to immediately lodge a Part A statement setting out its takeover bid for NBH. In a letter sent to NBH, Mr Brierley says lEL will not lodge its Part A until “the bizarre episode” involving the "vesting” of NBH shares in the NCSC is resolved.

A copy of the letter has also been sent to the NCSC executive director, Mr Ray Schoer.

“We find it incomprehensible within accepted legal principles in Australia that a Government agency can apparently so readily seize privately owned assets upon such flimsy pretext,” Mr Brierley says.

He says the matter has the potential to cause incalculable damage to Australia’s investment image. “Furthermore, any pur-

ported dealings in NBH shares by the NCSC (a more inappropriate and compromised role for a supposedly impartial regulatory body, it would be difficult to conceive) will most certainly be accompanied by the enormous wrangles and legal disputes which are synonymous with the activities of that organisation,” the letter says. The copy to Mr Schoer is accompanied by a note, a copy of which has been sent to the Federal Treasurer, Mr Paul Keating. The note says: “Dear Ray, Happy New Year.

"The enclosed letter is self explanatory. “Fraud, murder, pillage — all pale into insignificance with an alleged failure to instantly respond to ‘Section 261’ notices in accordance with the exact wishes of North Broken Hill Holdings, Ltd. If there is anyone with an interest in reducing wasteful Government expenditure, a very sharp axe could usefully be wielded on your budgetary allocation for promoting this sort of dangerous nonsense.

“Yours sincerely, Ron Brierley.”