The Australian Securities and Investments Commission’s re-tried case against Mayfair 101’s Managing Director James Mawhinney is in recess and will continue on 5 February 2025, with Mr Mawhinney electing to give evidence when the court reconvenes.
The trial of the remitted case in the Federal Court of Australia, VID524/2020, began late October 2024 after Mr Mawhinney successfully appealed ASIC’s original case which commenced in August 2020. ASIC was ordered by the Full Bench to re-make its case against Mr Mawhinney because he was denied procedural fairness.
The first part of the remitted trial concluded last Friday after ASIC closed its case against Mr Mawhinney and the court made timetabling orders for the balance of the proceeding.
Last Friday Mr Mawhinney made the decision to go into evidence to defend ASIC's case against him. He has elected to provide documentary evidence on the following topics:
The income producing capacity of the investment scheme operated by M101 Nominees Pty Ltd;
The funding structure of the land holding trusts;
The discharges of the mortgages to Naplend Pty Ltd to support the Australian Property Bonds;
The date when the Liquidity Prudency Policy was first published; and
Legal advice received on the material used to promote the M+ Notes, the M Core Notes and the Australian Property Bonds.
The remitted case is due to hear closing submissions from Mr Mawhinney and from ASIC on 25-28 February 2025 in the Federal Court in Melbourne.
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