MINING investor Terry Streeter has avoided being forced to hand over more than 11 million Western Areas shares after successfully appealing a decision which found he had breached his duties as a director.
In a West Australian Supreme Court of Appeal judgment handed down yesterday, three judges ruled that litigation against Mr Streeter and fellow director David Cooper had been unduly delayed and therefore Mr Streeter's appeal should stand.
The litigation centred on claims by unlisted company Western Areas Exploration that Mr Streeter and Mr Cooper breached their fiduciary duties as directors in 1999 by directing a nickel deal away from the company and towards the now successfully listed company, Western Areas.
In 2009, WA Supreme Court judge Eric Heenan ruled in favour of WAE and ordered 11.07 million shares in Western Areas be handed over. The shares were frozen until yesterday's judgment.
