Business Services Industry
ASIC's $92m One.Tel action.
Australasian Business Intelligence, July, 2005
Jul 04, 2005 (The Mercury - ABIX via COMTEX)
A civil case against One.Tel co-founder, Jodee Rich, and former finance director, Mark Silbermann, seeks $A92m in compensation. The Australian Securities & Investments Commission's (ASIC) case relates to the collapse of the telco in 2001, with allegations Rich and Silbermann breached Corporations Act requirements that executives act with care and diligence. It is alleged the breaches cost the company $A92m. The Supreme Court of New South Wales has heard evidence from former One.Tel accounts executive, Samantha Randall, who said she was told to increase the proceeds received from customers by 10 each month, because that was the rate at which the company was supposedly growing.
Publication Date: 5 July 2005...
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