Five Prime Trust directors found to a breach their duties when handing over $33 million to Bill Lewski

Corporate watchdog ASIC was successful in the Federal Court, obtaining a ruling that the five former directors of Prime Trust are liable for breaching their duties as officers of the trust APCHL. They agreed to the amendment of the Constitution of the trust allowing various fees to be paid, in particular a success fee of $33 million to Bill Lewski , a fellow director, with virtually no documentation. The fee was paid for a successful public listing when mum and dad investors bought in to Prime Trust in 2007. In 2010 administrators were appointed with investors owed $550 million.
ASIC is seeking pecuniary penalties plus banning the five directors, Dr Michael Wooldridge (a Howard government Minister for Health – pictured), Peter Clarke, Bill Lewski, Mark Butler and Kim Jacques – from managing companies.