Appeal avenue blocked to IEL

Press, 13 March 1986, Page 26

Appeal avenue blocked to IEL

NZPA Melbourne Industrial Equity, Ltd, has failed in its bid to have the Privy Council / determine the fate of about sAust6o million : worth of shares it holds in North Broken Hill, Ltd. 7’ In the Victorian Supreme Court, Mr Justice Fullagar has dis- . missed an application by Industrial Equity for leave to appeal to the Privy Council against a ’■ decision he made two weeks ago. J* His Honour also ordered that the costs of North Broken Hill and of the National Companies and Securities Commission, including costs reserved, should be paid by Industrial Equity assodate company, Crosley, .... Ltd. He also ordered that Athe costs of the Bank of New South Wales be paid by Crosley. In his earlier judgment, 7;' his Honour ordered the Companies and Securities ,L‘ Commission to sell almost - 24 million North Broken Hill shares that Industrial Equity had bought, through a long chain of 7 nominee companies. He imposed the penalty because he said Industrial Equity had deliberately set out to deceive the sharemarket over its purchase of the shares. Last week, an act was signed by the Queen and proclaimed which cut off appeals to the Privy Council from Australia, but ; would not have prevented this case proceeding if his Honour had decided dif- • ■ ferently. An lEL spokesman told AAP late today an appeal to the Full Supreme Court .■« against Mr Justice Fulla- z gar’s decision would be lodged “within the next few days.” ~~ .1