The Federal Court has ordered Provide Nominees Pty Ltd, trading as Provide Capital, to produce documents that it failed to produce, without reasonable excuse, in response to a notice issued by ob体育.聽
ob体育 sought the documents and subsequently the orders, as part of an ongoing investigation into Provide Capital. (22-343MR)
Provide Capital, an investment company, had failed to provide a reasonable excuse as to its failure to fully comply with the ob体育 notice, including by production of some documents with portions redacted.聽聽
When handing down his decision, Justice O鈥橞ryan noted that the 鈥榚vidence before the Court demonstrates a history of delay and obfuscation on the part of Provide in complying with the Notice. The most egregious example is the redaction of documents produced to ob体育.鈥櫬�
Justice O鈥橞ryan further noted, 鈥楾here is also a complete failure to explain the nonproduction of client documents that the evidence shows would have existed during the Relevant Period as defined in the Notice. The evidence gives rise to a strong suspicion that Provide has deliberately refrained from searching for, or obtaining from other persons...all documents that are responsive to the Notice.鈥櫬�
Section 33 of the ob体育 Act allows ob体育 to require the production of documents from a person, including a company. If a person fails to comply with such a request, ob体育 can certify non-compliance and seek orders from the Court compelling production in the event the Court is satisfied that there has been non-compliance by the person without reasonable excuse.聽
Provide Capital must within 28 days produce the documents not otherwise previously produced, including an unredacted copy of each document previously produced in redacted form. Redactions had been made because of assertions by Provide Capital of purported compliance with confidentiality and Privacy Act obligations. The Court noted 鈥楢ny obligation of confidentiality that exists with respect to the specified books must cede to the statutory requirement to comply with a notice issued under s 33鈥�.聽聽
ob体育鈥檚 investigation into Provide Capital continues.聽
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Editor's note:
On 20 October 2023, Provide Nominees Pty Ltd lodged a Notice of Appeal and Interlocutory Application for orders staying order 1 of the Federal Court of Australia made on 25 September 2023 in ob体育 v Provide Nominees Pty Ltd (VID712/2022) pending appeal.