then there's john elliott...

  1. 12,939 Posts.
    lightbulb Created with Sketch. 75
    Given the way Rivken was dealt with I wonder how folks feel about John Elliott? Here's a man who was on the "inside". Will the law seek to make an example of him? I wonder....



    MELBOURNE, June 4 AAP - Melbourne businessman John Elliott had
    made one "isolated mistake" during a long and distinguished
    business career and should not be banned from managing companies, a
    Victorian court was told today.
    Barrister for Mr Elliott, Allan Myers, QC, said millions of
    dollars in costs, penalties and compensation being sought by the
    Australian Securities and Investments Commission (ASIC) were "harsh
    and unreasonable".
    Mr Elliott and two other directors were last month found guilty
    of breaching corporations laws by letting rice-milling company
    Water Wheel trade while insolvent.
    Mr Myers said the corporate watchdog's claim that Mr Elliott did
    not have a proper grasp of his duties as a director were
    "extravagant" and there was no evidence he was a public risk if he
    continued to manage companies.
    "He made a mistake, he failed," Mr Myers told the Victorian
    Supreme Court.
    "One instance doesn't make him unfit."
    Mr Myers said Mr Elliott had already been punished by the media
    attention the case had drawn and enormous legal costs.
    The court heard the former Liberal Party treasurer had little
    means to pay ASIC's claims, with his income last year almost solely
    reliant on fees for media appearances and speaking engagements.
    "A banning order for such a period would be ruinous to Mr
    Elliott," Mr Myers told the court.
    "He's earned his living over 30 years managing companies.
    "He doesn't have any other means of livelihood."
    The hearing before Justice Philip Mandie continues.
    AAP
 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.