Companies

Jul 29, 2014

Prime Trust directors face class action for alleged secret bonus payments

Bill Lewski and fellow Prime Trust directors, already found guilty of corporate law breaches by the Federal Court, now face a class action for allegedly authorising secret multi-million dollar payments for themselves.

Adam Schwab — Business director and commentator

Adam Schwab

Business director and commentator

As the Federal Court determines penalties for Bill Lewski and his fellow directors of the collapsed Prime Retirement and Aged Care Property Trust after they were found guilty of breaching corporate laws, the trust’s liquidator is also taking aim, launching a $100 million-plus class action. The class action is backed by litigation funder LCM and directly targets Lewski, as well as his legal advisers Madgwicks Lawyers and Kidder Williams. It is understood that Prime’s liquidators are considering a further action against former auditors Pitcher Partners.

7 comments

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7 thoughts on “Prime Trust directors face class action for alleged secret bonus payments

  1. Yclept

    “but declined to pursue criminal sanctions against him or the directors or Prime Trust”

    How nice of them!

  2. leon knight

    Agreed Yclept – how bad does someone have to be before ASIC has a decent go at them…and is that Dr Michael Wooldridge?
    Again the biggest rip-offs always seem to link back to the LNP, no wonder ASIC is being weakened even further.
    Go the class action, and hit them hard..!!

  3. David Hand

    It’s just sickening.
    Thievery writ large.

    Walk into a bank with a gun for $50k and get 10 years. Have a “resolution of directors” for $160m and get slapped over the wrist with a wet bus ticket.

  4. CML

    Good heavens, David Hand! Sure you are feeling okay? I’m a bit worried about that latest post you see.
    Doesn’t sound like you at all!!

    However, for once you are absolutely correct!!!

  5. David Hand

    I’m fine CML.
    My post is quite consistent with my long held views about economics and white collar crime.

  6. Bill Hilliger

    Yes David Hand good to know you are fine and well, I thought alike with CML. You’re on the money there (pardon the pun), stealing with a gun for a relatively small amount and get 10 years. Steal with a pen for a truckload of money and get flogged with a wet bus ticket.

  7. Itsarort

    Haha, now how much were Peter Slipper’s taxi vouchers worth…?

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