Seven years and one month after the country’s second largest village operator, Prime Trust, collapsed losing $550 million of 9,700 mum and dad investors, the Federal Court has decided against ASIC’s disqualification of the directors, including Bill Lewski (pictured) and Peter Wooldridge.
The court ruled ASIC filed its case in August 2012, one month later on the six-year statute of limitations from the date the directors changed the Constitution to give Bill Lewski a $33 million successfully for listing the company on the ASX.
ASIC is considering it will appeal . The directors are not out of trouble yet however. The receivers, KordaMentha, are pursuing them for $50 million in the Victorian Supreme Court.