Country Report Australia October 1996 Main report

Business news: Coles Myer saga continues

The retail group Coles Myer has recovered A$12m of the A$18m it lost in a controversial deal involving a company owned by Solomon Lew, then chairman of the company (1st quarter 1996). The Australian Securities Commission (ASC) was not a party to the commercial settlement deed, but played a role in the negotiations and saw the settlement document before its execution. The ASC is continuing its investigation of the original deal and is believed to be considering disciplinary action against the people involved in the transaction, which would prevent them from holding company positions. The ASC has also prepared a report for the Director of Public Prosecutions, which is determining whether criminal action should be taken.

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