ob体育 has commenced proceedings in the Federal Court of Australia in Sydney against Vocation Limited (in liquidation) (Vocation) and the company's former executive managing director, Mr Mark Hutchinson; former non-executive chairman, Mr John Dawkins; and former company secretary and Chief Financial Officer, Mr Manvinder Gr茅wal.
The proceedings arise out of ob体育's investigation of events leading to Vocation's entry into Deeds of Settlement with the Victorian Department of Education and Early Childhood Development on 27 October 2014.
ob体育 alleges that Vocation made representations in relation to its securities that were misleading; that it failed to notify the ASX of information that it was required to disclose; and that it provided the ASX with a defective cleansing notice relied upon to raise approximately $72.5 million from institutional and sophisticated investors pursuant to a placement in September 2014.
Further, ob体育 contends that Mr Hutchinson, Mr Dawkins, Mr Gr茅wal were either involved in the failure of Vocation to meet its obligations or otherwise failed to discharge their duties to Vocation with the requisite degree of care and diligence that a reasonable person in their respective positions would exercise.
ob体育 is seeking:銆€
- declarations that Vocation,听Mr Hutchinson, Mr Dawkins and Mr Gr茅wal contravened provisions of the Corporations Act
- orders that Mr Hutchinson, Mr Dawkins and Mr Gr茅wal pay penalties to the Commonwealth, and
- that Mr Hutchinson, Mr Dawkins and Mr Gr茅wal be prohibited from managing a corporation for such period as the Court thinks fit.銆€
The matter has been set down for a Case Management Hearing at 9.30 am on 13 October 2016.
Links to the originating process and Concise Statement filed by ob体育 to commence its proceeding are below.
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Editor's note 1:
On 13 October 2016, the parties agreed that ob体育 file a particularised Concise Statement and its evidence by 30 November 2016. A case management hearing has been scheduled听for听16 December 2016.銆€
Editor's note 2:
On 11 May 2017, the matter was scheduled听for a further case management hearing on 20 July 2017.
Editor's note 3:
On 20 July 2017, further orders were made for the hearing of ob体育's application, set to commence on 9 October听2017.
Editor's note 4:
On听 8 December 2017 , the matter was adjourned until 5 February 2018, for one week, to conclude hearing of the matter.
Editor's note 5:
The hearing of the matter concluded on 9 February 2018听and judgment has been reserved.
Editor's note 6:
The Hon Justice John Nicholas will deliver his judgment at 12.30pm on Friday, 31 May 2019.
Editor's note 7:
On Friday 31 May 2019, the Federal Court of Australia delivered judgment in ob体育鈥檚 civil penalty proceedings (refer: 19-124MR).
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