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 YaY! Statist ASIC to pay Rich $13.8m

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RR Phantom

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YaY! Statist ASIC to pay Rich $13.8m Vide
PostSubject: YaY! Statist ASIC to pay Rich $13.8m   YaY! Statist ASIC to pay Rich $13.8m Icon_minitimeSat Feb 06, 2010 8:57 pm
THE corporate regulator will pay $13.8 million to the former One.Tel managing director Jodee Rich and $190,000 to the former finance director Mark Silbermann to reimburse legal costs they incurred successfully defending their conduct in the four months before the telephone company collapsed in May 2001.

The payment to Mr Rich comprises $9.6 million in expenses and $4.2 million in interest.

Justice Robert Austin ordered the Australian Securities and Investments Commission to pay the defence costs in December, but the two sides were initially unable to agree on the amount.

David Williams, SC, said at the time Mr Rich and Mr Silbermann were seeking costs of $11.4 million and interest of $5.1 million.

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