Australian Securities and Investment Commission v United Investment Funds Pty Ltd [2003] FCA 674

Australian Securities and Investment Commission v United Investment Funds Pty Ltd [2003] FCA 674

Individuals properly claimed privilege against self-incrimination regarding potential exposure to criminal liability in Australia, and need not state further facts in support; corporations cannot withhold information on basis that deponent claims personal privilege; without evidence that no uninvolved officer exists, corporations must comply.

Parties
Applicant: Australian Securities and Investments Commission; First Respondent: United Investment Funds Pty Ltd; Second Respondent: AMCO Insurance Management Group Pty Ltd; Third Respondent: AMCO Group Pty Ltd; Fourth Respondent: ACC AMCO Consortium Company Pty Ltd; Fifth Respondent: Nikola Banicevic; Sixth Respondent: Aleksandar Banicevic; Seventh Respondent: Vesna Banicevic; Eighth Respondent: Frederick Christopher Vanderwert; Ninth Respondent: David Michael Clarke; Tenth Respondent: Radoslava Banicevic; Eleventh Respondent: Zdravko Acimovic; Provisional Liquidator
Jurisdiction
Australia
Judgment Date
04 July 2003
Procedural Posture
Corporations – Investigation / Application Regarding Compliance With Order to Provide Information on Affidavit; Consideration of Contempt for Non Compliance
Outcome
Court to hear parties further on precise orders necessary to give effect to reasons; no finding of contempt recorded in judgment excerpt; no final orders made at this stage.
Legal Topics
Privilege Against Self Incrimination, Compliance With Court Orders, Corporate Responsibility, Provisional Liquidation
Corporations Law Evidence Law Privilege Against Self Incrimination Compliance With Court Orders Corporate Responsibility Provisional Liquidation

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Parties

Australian Securities and Investments Commission

Applicant

United Investment Funds Pty Ltd

First Respondent

AMCO Insurance Management Group Pty Ltd

Second Respondent

AMCO Group Pty Ltd

Third Respondent

ACC AMCO Consortium Company Pty Ltd

Fourth Respondent

Nikola Banicevic

Fifth Respondent

Aleksandar Banicevic

Sixth Respondent

Vesna Banicevic

Seventh Respondent

Frederick Christopher Vanderwert

Eighth Respondent

David Michael Clarke

Ninth Respondent

Radoslava Banicevic

Tenth Respondent

Zdravko Acimovic

Eleventh Respondent

Provisional Liquidator

Procedural Posture

Corporations – Investigation / Application Regarding Compliance With Order to Provide Information on Affidavit; Consideration of Contempt for Non Compliance

Legal Issues

  1. 1 Whether respondents can claim privilege against self-incrimination to avoid disclosing whereabouts of funds as ordered by court
  2. 2 Whether privilege has been properly claimed in affidavits by stating grounds for claim
  3. 3 Whether corporations can refuse to provide information on basis that deponent claims privilege on own behalf

Ratio Decidendi

Individuals properly claimed privilege against self-incrimination regarding potential exposure to criminal liability in Australia, and need not state further facts in support; corporations cannot withhold information on basis that deponent claims personal privilege; without evidence that no uninvolved officer exists, corporations must comply.

Court Disposition

Court to hear parties further on precise orders necessary to give effect to reasons; no finding of contempt recorded in judgment excerpt; no final orders made at this stage.