Companies

Oct 2, 2012

High Court win for Twiggy over ‘misleading investors’ claim

Andrew "Twiggy" Forrest scored a win in the High Court today, where the previous finding that his company Fortescue had mislead shareholders and breached the Corporations Act was overturned unanimously.

In a landmark judgment today, the High Court found Andrew “Twiggy” Forrest did not mislead investors and breach the Corporations Act eight years ago. The mining billionaire will have breathed a sigh of relief.

2 comments

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2 thoughts on “High Court win for Twiggy over ‘misleading investors’ claim

  1. Mark from Melbourne

    I dont get it. My understanding is they did say they had binding agreements. And that the court found that as they intended for them to eventually be binding that this was OK.

    Obviously they werent binding and from what I understand never did become binding so how come the court took that view? Sounds like rubbish to me.

  2. green-orange

    It was a completely disgraceful decision.

    If the contract had not gone ahead it could have bankrupted the company and destroyed the savings of the shareholders.

    The High Court has given a green light for directors to use or misuse shareholder funds in any way they like.

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