By Kate Kachor Mon 23 May 2011 Former directors are set to give evidence in class-action proceedings against the agribusiness group. Former directors of Timbercorp will face trial today over their involvement in the collapse of the agribusiness firm.
Sol Rabinowicz, Robert Hance and Gary Liddell will defend their actions in the Victorian Supreme Court as part of a Macpherson + Kelley Lawyers [M+K]-led class action.
"The directors have signalled they will give evidence at trial. Last Friday evening we received their witness statements, comprising 324 pages in the case of Sol Rabinowicz, 51 pages from Robert Hance and 28 pages from Gary Liddell," M + K principal Ron Willemsen said.
"ANZ Bank is not a party to the case. It will emerge during the trial however that ANZ funded loans that Timbercorp Finance made to investors who borrowed money to enter into the projects."
As well as former directors defending the action, it is also being defended by the company which sold the investment products, Timbercorp Securities Limited, and the company which financed the majority of investors entry into the investment project, Timbercorp Finance Pty Ltd, Willemsen said.
The trial will be heard in front of Justice Judd with Julian Burnside QC, Phil Crennan and Cam Truong appearing on behalf of the investors.
TIM Price at posting:
4.4¢ Sentiment: None Disclosure: Not Held
