SP1 (ASX) ASIC v ISX Hearing

Originally posted by ChillingOut: ↑

That's why the silks get paid the big bucks. I thought Borski KC and Collinson KC have both opened their cases without fear or favour and that neither client could be critical of them. The openings are the first and only free kick you get. You put your best foot forward uninterrupted and it will be interesting to see how the evidence pans out now. Karantzis has to give evidence otherwise there is a yawning gap and the Jones v Dunkel inference to be drawn will be overwhelming. It can be very difficult to challenge something if a principal witness (and 2nd Defendant) doesn't front up to offer an explanation for their actions that are front and centre in the case or to rebut the Browne v Dunn points that I suspect Borski KC will shore up with the ASIC witnesses in-chief prior to cross-examining Karantzis. Mr Hart or Ms Warrell certainly cannot give evidence of what was passing through the mind of the 2nd Defendant at the relevant times.

@naomhan the Board is seen as the collective mind or the corporate mind acting in the best interests of the company, its employees, its shareholders, and other stakeholders. Fiduciary duty issues are raised. Much depends on what the directors duties are primarily, and incidental thereto. They're the usual duties that can be quite easily located. A vicarious liability claim won't be much good against a company if the employee director(s) is on a "frolic of their own" in a Deatons v Flew sense (barmaid glassed a hotel patron) and performs an illegal act in the course of their employment but this case is not that as there are no allegations of criminal conduct - it's breaches of fiduciary duties and statutory counts under the Corps Act.

Call the first witness.

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Re:”Karantzis has to give evidence”

I find it curious that the opening statement from the defence was only on behalf of one of the parties, ISX.
They reserve the right to give a statement on behalf of the individual in the future.

Is this a common strategy? What do you read into this?

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ASIC v ISX Hearing, page-134

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ASIC v ISX Hearing, page-134

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