The case illustrates that consultancy agreements between a public company and a company controlled by a person who holds a 'board or managerial office' in the public company are subject to the related party financial benefit provisions of the corporations legislation, and that failure to obtain shareholder approval will render the agreements unenforceable and amounts paid recoverable. The court applied the civil standard of proof (balance of probabilities) to allegations of contravention of civil penalty provisions of the corporations legislation in ordinary civil proceedings, while acknowledging that findings of serious misconduct should not be made lightly. The case also provides detailed guidance on expert witness obligations, particularly that an expert who presents alternative valuations at the instruction of the retaining party without stating which represents their opinion breaches the Expert Witness Code of Conduct.
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2 of the 16 citing cases carry a classified treatment. How each court treated it is available to signed-in members.