But Woodlawn had not obtained the licence, arguing it had been performing only as being the Australian agent for your investor Which it were supplied authorized tips to mirror this truth.

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"With volatility spiking it was challenging to argue the Australian market wouldn't turn into embroiled in an aggressive selloff," Mr Risk claimed.

The organization officer answerable for getting the positions was McNamara, who explained to the court docket he experienced experienced unjustifiable assurance in the strength from the Australian economic system.

Mr Chance alleged it did this by resulting in the corporate to acquire "large destructive notional publicity on the falling market, with the buying of long term contracts, the promoting of Index Set Solutions and equities in predominantlyresource centered firms amongst other strategies".

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And a company they directed also paid countless Many pounds inside a referral or introduction payment to your previous PNG primary minister's son in link with obtaining the offer to take a position the cash.

Mr Hazard also alleged that Woodlawn's investing strategy was "not one of qualified or mindful trader" especially in mild from the damaging economic information within the time.

He also observed that Woodland Money had engaged in "misleading carry out" because it didn't have an proper financial services administration licence when it had been managing The cash.

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four several years Authorities specializing in cost-free, fair election, claims Marape THE Government is focused on offering a cost-free and fair normal election subsequent 12 months, says Primary Minister James Marape. Marape said this in the course of the opening of two-working day national integrity summit […]