Wednesday 20 December 2006 LAWFUEL – Australia Law News – The Federal Court of Australia today found Mr Andrew Pappas, of Bondi in New South Wales, guilty of three charges of contempt of court in relation to an Australian Securities and Investments Commission (ASIC) investigation. Mr Pappas was served with a number of notices during the course of an ASIC investigation, requiring him to attend ASIC’s offices for a compulsory examination.
Mr Pappas was also required to provide ASIC with all reasonable assistance in connection with that investigation, as required under the ASIC Act. Following the failure of Mr Pappas to comply with the notices, ASIC sought a Court order that Mr Pappas appear on a specified day before ASIC officers for examination and provide ASIC with reasonable assistance. Mr Pappas failed to appear on the appointed day. After Mr Pappas was charged with contempt for failing to comply with the Court’s orders, he attended an examination by officers of ASIC but was subsequently charged with contempt for failing to provide ASIC all reasonable assistance in giving answers at the examination.
‘People called to provide information and other assistance to ASIC in the course of an investigation are required to do so under the law, and those that fail to cooperate will face consequences’, ASIC’s Deputy Executive Director of Enforcement, Mr Allen Turton said. The matter is scheduled to be heard in the Federal Court of Australia on 2 February 2007 for the relevant parties to make submissions on the appropriate penalty. ASIC’s investigation is continuing. For further information contact: Allen Turton Deputy Executive Director, Enforcement Telephone: 02 9911 2338 Mobile: 0411 549 236 Danielle Huck ASIC Media Unit Telephone: 03 9280 3407 Mobile: 0417 540 769