ABT ruling to be contested by Bond

Press, 27 June 1989, Page 25

ABT ruling to be contested by Bond

NZPA-AAP

Sydney

Alan Bond says shares in Bond Media are not for sale and he will fight a ruling by the Australian Broadcasting Tribunal (ABT) that he was not a fit and proper person to hold a broadcasting licence. “I will pursue every avenue open to me to clear my name," Mr Bond said in a statement, “We cannot accept today’s findings. “No effort will be spared to have this matter resolved in the best interests of Bond Corporation Holdings and ... the shareholders in Bond Media.” Mr Bond said Bond Corporation’s 52.8 per cent holding in Bond Media was not for sale.

The tribunal’s decision was “only one step along the road,” he said. Mr Bond said he was “surprised the tribunal had rejected a package of undertakings from Bond Media and himself designed to avoid an unfavourable finding. These had included installation of an independent board of directors for Bond Media and the formation of a compliance division to deal with tribunal matters. “As the undertakings were not accepted, it seems inevitable that the law will have to run its lengthy and expensive course, with the Administrative Appeals Tribunal rehearing the whole matter again, and also probable Federal Court proceedings,” Mr Bond said.