May 20, 2013

Prime payouts become intriguing courtroom drama

The corporate watchdog is putting two directors of collapsed retirement fund Prime -- Bill Lewski and Michael Wooldridge -- into the dock. Their answers on the dramatic downfall are intriguing.

Adam Schwab — Business director and commentator

Adam Schwab

Business director and commentator

It was one of the lower-profile collapses of the global financial crisis, but the downfall of Prime Retirement & Aged Care Property Trust was also one of the most devastating, taking with it hundreds of millions of dollars of retirees savings, leaving devastation and reports of suicide.

The Australian Securities and Investments Commission is taking action against Prime founder Bill Lewski and his fellow directors in the Federal Court for breaches of the Corporations Act. The regulator is seeking to have the directors, including former federal health minister Michael Wooldridge, banned (and substantial fines imposed).

Free Trial

Proudly annoying those in power since 2000.

Sign up for a FREE 21-day trial to keep reading and get the best of Crikey straight to your inbox

By starting a free trial, you agree to accept Crikey’s terms and conditions


Leave a comment

One thought on “Prime payouts become intriguing courtroom drama

  1. Malcolm Street

    Good to see the directors looking after the shareholders’ interests as usual…

Share this article with a friend

Just fill out the fields below and we'll send your friend a link to this article along with a message from you.

Your details

Your friend's details