ASIC, ONE.TEL DEAL ACCEPTED BY NEW SOUTH WALES SUPREME COURT.

AsiaPulse News, March, 2003

SYDNEY, March 21 Asia Pulse - The NSW Supreme Court today accepted former One.Tel managing director Brad Keeling's "rare" admission of guilt over the telco's demise and upheld a settlement he made with the corporate watchdog.

Last week, Mr Keeling struck a deal with the Australian Securities and Investments Commission (ASIC), banning him from managing a company for 10 years and requiring him to pay $92 million in compensation to One.Tel.

While Mr Keeling denied having deliberately misled One.Tel's board, he admitted he had failed to monitor the financial situation of the telco in the leadup to its collapse.

ASIC sued Mr Keeling and fellow directors Jodee Rich, Mark Silbermann and John Greaves for $92 million in compensation for the $600...