The subpoena hearing lasted about 1.25hrs this arvo.
The main crust of the matter is that visa ap won't supply isx with the material they require for proper due diligence.
Mr Moloney (isx) did a great job in conveying what isx required. This debate has been in process for 8-10 weeks now.
The whole subpoena process has stalled because Visa ap says its not required by law to give the info isx require.
It's a technical arguement that Visa's lawyer? put forward, and did a good job getting his point across.... Quoting a precedent to back up his point. I reckon they have the upper hand with this point of law from the explaination put forward. Doesn't make it right but that's they way the game is played.
Basically from my understanding Visa ap can refuse to hand over the info as the actual subpoena to get info didn't include Visa inc, Visa eu, or Visa worldwide on the paperwork were the info isx need will come from only Visa ap so this is a technical point only.
Now isx lawyer stated that Visa ap handed over 3000 pages of info to comply with ASIC notices, but carn't do the same were isx is concerned. And that's what the new orders are about, trying to get things happening.
Isx can still get the info they required if this negotiation will Visa ap fails, (not completely finished yet) but it is the long drawn out route wereby they have to subpoena Visa inc, Visa eu, or Visa worldwide directly instead of Visa ap supply them with the same info they gave ASIC.
So that's it on today hearing. The circus continues
on 15-6-22.
