Friday 30 June 2006 06 – The Australian Securities and Investments Commission (ASIC) has filed applications with the Federal Court in Brisbane to wind-up listed Sydney-based energy provider, Green Pacific Energy Limited (GPE), and its controlled entities, Green Pacific Energy Capital Pty Ltd (GPEC) and Green Pacific Energy Stapylton No.1 Pty Ltd (GPE Stapylton No.1). These applications follow a formal investigation into the affairs of GPE after a surveillance review, undertaken as part of ASIC’s National Insolvent Trading Program, identified concerns that the company was continuing to trade and incur debt while insolvent. ASIC is also seeking to wind up GPE following allegations that the company’s chairman and chief executive officer, Mr Alfred Chi Wai Wong, and company secretary, Mr Edwin Yeung, have breached their duties as officers in acting in their own interests rather than in the interests of GPE members. ASIC is seeking to appoint Greg Hall of PricewaterhouseCoopers as liquidator of GPE, GPEC, and GPE Stapylton No.1, pending a determination of the Court in the winding-up application. The matter will be heard by Justice Greenwood of the Federal Court of Australia in Brisbane on 31 July 2006. Background ASIC’s National Insolvent Trading Program is a focused approach to dealing with possible insolvent trading before it occurs. It involves a review of a company for the purposes of ensuring compliance by directors of their duties as set out in section 180 of the Corporations Act and directors’ duties to prevent insolvent trading under section 588G of the Act. For further information contact: Allen Turton Deputy Executive Director Enforcement Telephone: 02 9911 2338 Mobile: 0411 549 236 Emma Forehan ASIC Media Unit Telephone: 03 9280 3354 Mobile: 0409 702 310 Page 1 of 1
