Asides

BIT RICH: ASIC a law unto itself

ASIC’s decision to pursue a High Court appeal against the damning NSW Court of Appeal decision in the One.Tel Jodee Rich case smacks of sour grapes and abuse of process.

The Commission is fully funded by public money and needs therefore to be fully accountable for the decisions it makes.

In this case, it has decided to appeal one of the most damning and embarrassing judgments a court has made against a regulator. It has not at this stage explained the basis for doing this, and is not legally required to do so.

It shows that only those with vast financial resources can compete against Commonwealth agencies like this when they really have it in for you.

It is anticipated the High Court appeal, should the court decide to hear it, will cost many millions of dollars in legal fees on top of the $50 million already estimated to have been spent.

© 2009 VEXNEWS 2010©.