ASIC notes the Federal Court’s decision in its legal action against Mariner Corporation Limited and its current and former directors.

On 19 June 2015, the court found the company had not breached the law and its directors had not breached their duties when making a proposed takeover bid for financial services company Austock Group Limited in 2012.

ASIC is reviewing the judgment.

Background

ASIC started its legal action against Mariner and its Chief Executive and Managing Director Darren Olney-Fraser, current Director Donald Christie and former Director Matthew Fletcher, in April 2014 (refer: 14-067MR).

Editor's note:

After reviewing the judgment, ASIC has decided not to appeal the judgment.