URGENT FOR IMMEDIATE RELEASE
FOR GENERAL RELEASE TO MEDIA
6 September 2001
I have today been served with civil penalty proceedings issued by the Australian Securities & Investments Commission (“ASIC”) in the Supreme Court of New South Wales.
The proceedings relate to some alleged procedural irregularities in connection with:
• Proxy voting at the AGM of NRMA Limited (“NRMA”) held in October 1998; and
• The preparation of draft minutes of a meeting of directors of NRMA Insurance Group Limited (“NIGL”) held in August 2000.
The ASIC alleges, in correction with those matters, that I have acted dishonestly and/or recklessly in the conduct of the affairs of NRMA and NIGL, and that I have acted generally in breach of my duties as an officer of those companies.
These allegations simply cannot be sustained. When the proceedings are determined, I will be publicly vindicated. Few things are as important to me as my reputation.
I will defend these proceedings vigorously. I believe that the proceedings are politically motivated and suspiciously timed. They are certainly ill-considered. In time they will be shown to be just that.
For further information, contact my solicitors:
Robert Mangioni/Paul Sarvaas
Level 13, 50 Carrington Street
Sydney NSW 2000
Phone: (02) 9262 6666