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A curious appointment by the A.S.C.



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ΡΑΚΙΙΛΜΚΝΤ ΟΓ AUSTRALIA HOUSE OF RLFRESENTA] IVES

PARJIAMFINI IIOUSK, CANBERRA, ACT. 2600. SUI I fc R 2 I P PHONE (062) 77 4750 FAX (0621 77 2124 20 BEATTY AVENUE, ARMADALE, VIC. 3143 PHONE (03) 822 4422 FAX (03) 822 031V

PETER COSTELLO, M.P. FEDERAL MEMBER FOR HIGGINS SHADOW MINISTER FOR CORPORATE LAW REFORM AND CONSUMER AFFAIRS

A CURIOUS APPOINTHEMT BY THE A.S.C

"The appointment of the Victorian solicitors, Holding Redlich, to perform legal work for the Australian Securities Commission raises some interesting questions", Mr Peter Costello, Shadow Minister for Corporate Law Reform and Consumer Affairs, said

today.

The appointment arose because senior lawyers from the Victorian Corporate Affairs Commission refused to join the ASC. Holding Redlich has taken over the work they would have performed, and some staff of the Victorian office of the ASC are now

accommodated in the Melbourne office of Holding Redlich. Partners and employees of that firm are handling much of the legal work for the national regulator in Victoria.

"The appointment was apparently made without a tender process. It is not known whether any competitive bids for this work were sought before the appointment was made. If the work had been put to tender other law fiimis would have had the chance to p e r f o m

financially valuable work which would add to the prestige of the firm, and gain valuable experience for staff", Mr Costello said.

Holding Redlich has a large trade union clientele. It was

established by Labor MHR, Clyde Holding, and Mr Peter Redlich, who holds a number of Victorian State Government appointments, such as TAB Chairman, Arts Centre Trust, and recently, director of Tricontinental Merchant Bank.

Mr Costello said: "Whilst it is commendable that the Government and its agencies apparently have no policy position against contracting out government services (in this case legal work), the public is entitled to expect such work to be contracted out on the most cost-effective basis. The proper way to ensure this occurs is to call for public tenders and accept the most

competitive bid. The ASC should explain what steps it took to ensure it now has the best service for the lowest cost, how long the appointment will last, and the terms on which Holding Redlich will now act for private clients whilst at the same time acting

for the public regulator."

January 3, 1991

Further information: Peter Costello, Melbourne. (03)