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15-410MR ASIC obtains interim court orders against director of Continental Coal Limited
Following an ASIC application, the Federal Court in Perth has made interim asset preservation orders by consent of the parties against Peter Neil Landau, a Western Australia-based director of ASX-listed company Continental Coal Limited. Mr Landau has consented to similar Court orders against two companies of which he is sole director, OKAP Ventures Pty Ltd and Doull Holdings Pty Ltd.
ASIC obtained these orders in connection with its ongoing investigation into matters including the use of investor's subscription moneys at a time when they were required by law to be held on trust. ASIC sought interim orders pending the outcome of its investigation, with the aim of preserving the interests of investors. Mr Landau will have an opportunity to present his views on the matter to the Federal Court in the New Year.
The orders were originally made by the Court in Mr Landau's absence on 8 December 2015, followed by the making of further orders with Mr Landau's consent on 22 December 2015.
ASIC has no further comment at this time.
Editor's note 1:
The matter has been listed for further hearing on 26 April 2016.
Editor's note 2:
Following a fresh application by ASIC in its ongoing proceedings against Mr Landau in the Federal Court in Perth, the Court has, with the consent of the parties, made interim orders requiring Mr Landau to surrender his passport(s) to the Court Registry until the day after the proceedings are next in Court, being 26 April 2016.
Mr Landau's Solicitor informed the Court that Mr Landau had consented to the orders on an interim basis, without accepting that the application was properly made by ASIC, so as to allow time for him to file evidence with the Court.
The orders also prohibit Mr Landau from applying for a new passport during the same period.
ASIC sought these orders in connection with its ongoing investigation, with the aim of preserving the interests of investors.
Editor's note 3:
On 26 April 2016, the Court heard ASIC's application for the extension of interim orders regarding the surrender of Mr Landau's passport to the Court Registry.
Following submissions to the Court by both parties, the application was resolved by the parties consenting to Court orders which allow Mr Landau to travel to the United Kingdom for a short period of time. Under the orders, Mr Landau is permitted to travel to the United Kingdom on 29 April 2016, but is required to return to Australia on 8 May 2016. While overseas, Mr Landau is required to reside only in the United Kingdom. Mr Landau is required to re-submit his passport to the Court Registry on 9 May 2016, where it is to remain until 31 May 2016.
Interim asset preservation orders made with the consent of the parties also remain in place against Mr Landau and two companies of which he is sole director, OKAP Ventures Pty Ltd and Doull Holdings Pty Ltd.
Mr Landau has consented to the orders made in this proceeding, without accepting that the application was properly made.