Macleod v Australian Securities Commission

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MACLEOD -v- AUSTRALIAN SECURITIES COMMISSION [1999] WASCA 35


Link to Appeal :

SUPREME COURT OF WESTERN AUSTRALIACitation No:[1999] WASCA 35
Case No:SJA:1190/199812 FEBRUARY 1999
Coram:COMMISSIONER KENNETH MARTIN QC31/05/99
34Judgment Part:1 of 1
Result: Appeal allowed
PDF Version
Parties:MALCOLM MACLEOD
AUSTRALIAN SECURITIES COMMISSION

Catchwords:

Corporations law
Misleading statement
Likelihood
Future statement
Prediction
Causation
Non expert opinion
Ultimate issue rule
Admissibility of opinion evidence
Accomplice
Re-consideration of reasons
Ostensible bias
Recording of reasons for decision

Legislation:

Corporations Law

Case References:

ASC v Nomura International (1998) 29 ACSR 473
Boughey v R (1986) 161 CLR 10
Carroll v Price [1960] VR 651
Davies v DPP [1954] AC 378
Garston v Sullivan (1996) 14 WAR 480
Lam v Beesley (1992) 7 WAR 88
Muscat v Magistrate’s Court and Others (1996) 66 SASR 367
R v Essex Justices, Ex parte Final [1963] 2 QB 816
R v Smith; Ex parte James [1966] SASR 47
R v Wright [1980] VR 593
Samuels v Flavel (1970) SASR 256

Australian National Industries Ltd v Spedley Ltd (In Liquidation) (1992) 26 NSWLR
411
Baptist v Scott [1954] VLR 431
Bond Corp Holdings Ltd v Grace Bros Holdings Ltd (1983) 8 ACLR 61
Burwood Municipal Council v Harvey, unreported, CA NSW; CA40269 of 1993;
3 April 1995
Buttsworth [1983] 1 NSWLR 658
Callaghan v The Queen (1952) 87 CLR 115
Chamberlain v The Queen ) (No 2) (1983) 153 CLR 521
Croft v Peterson, unreported, SCt of Vic; 24 May 1994
Dickason v Edwards (1910) 10 CLR 243
Edwards v R (1992) 173 CLR 653
Fencott v Muller (1983) 152 CLR 570
Franklun v Minister of Town and Country Planning [1948] AC 87
Freedman v Petty [1981] VR 1001
Galea v Galea (1990) 19 NSWLR 263
Gantry Acquisition Corp v Parker & Parsley Petroleum Australia Pty Ltd (1994) 123
ALR 29
Gas and Fuel Corporation of Victoria v Wood Hall Ltd [1978] VR 385
Georgianni v The Queen (1985) CLR 473
Given v Pryor 24 ALR 442
Goktas v GIO (1993) 31 NSWLR 684
Grassby v R (1989) 168 CLR 1
Haldane v Chegwidden (1986) 41 SASR 546
Hinton v Mill (1991) 57 SASR 97
Humphrey v Wills [1989] VR 439
Kennedy v Sykes (1992-93) 24 ATR 546
Laws v Australian Broadcasting Tribunal (1990) 170 CLR 70
Livesey v NSW Bar Association (1983) 151 CLR 288
Nickelseekers Ltd v Vance [1985] 1 Qd R 266
Parkdale Custom Built Furniture Pty Ltd v Puxu Pty Ltd (1982) 149 CLR 191
Plomp v The Queen (1963) 110 CLR 234
Pontello v Giannotis (1989) 16 IPR 174
Preston v Carmody (1993) 44 FCR 1
R v Essex Justices; ex parte Perkins [1927] 2 KB 475
R v Kelley; ex parte Ansett Transport Industries (Operations) Pty Ltd (1990) 64 ALJR
485
R v Lilydale Magistrates Court; ex parte Ciccone [1973] VR 122
R v Masters (1992) 26 NSWLR 450
R v Thompson Holidays Limited (1974) 1…
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Details
Case
[1999] WASCA 35
Decision Date

CaseChat Overview and Summary

Macleod was the director of a company which had applied to be listed on the Australian Securities Exchange. The application was rejected by the Exchange, and the Australian Securities Commission appealed against a decision of the Administrative Appeals Tribunal that it had acted unlawfully in doing so. The applicant for the listing had applied to the Tribunal to review the decision of the Exchange, and the Tribunal found that the Exchange had failed to provide a sufficient statement of reasons for its decision. The Tribunal ordered that the application for listing be reconsidered. The Commission appealed against that decision. The applicant cross-appealed against the Tribunal's finding that the Exchange had acted unlawfully. The issues in the case were whether a statement that a company's application for listing would be reconsidered was a future statement, and therefore misleading; whether the Tribunal should have found that the Exchange had acted unlawfully; whether the Tribunal should have taken into account the opinion of a witness who was not an expert; and whether the Tribunal had acted with ostensible bias. The court held that the statement that the application would be reconsidered was not misleading, as it did not amount to a prediction about the future conduct of the Exchange. The court also held that the Tribunal had erred in finding that the Exchange had acted unlawfully, as the Exchange had provided adequate reasons for its decision. The court further held that the Tribunal was entitled to take into account the opinion of a non-expert witness, as the opinion was not about the ultimate issue in the case. The court also held that there was no ostensible bias on the part of the Tribunal. The appeal was allowed, and the cross-appeal was dismissed.

Orders

Orders of the court

Appeal allowed

Background

Background to the litigation

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Evidence

Evidence Before The Court

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Decision

Reasons for decision

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Ratio Decidendi

Legal Principle Established

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