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Thursday, 12 September 1985
Page: 517

(Question No. 380)

Senator Parer asked the Minister representing the Attorney-General, upon notice, on 31 May 1985:

Is the Attorney-General aware of a complaint lodged by Carricks Ltd with the National Companies and Securities Commission in respect of alleged irregularities related to the efforts to take over control of Carricks by Asiatic Pacific Industries Ltd and of certain share dealings in the company; if so, will the Attorney-General ensure that the Commission has the necessary resources to investigate this complaint with expedition.

Senator Gareth Evans —The Attorney-General has provided the following answer to the honourable senator's question:

I am aware of a complaint lodged in May 1985 with the National Companies and Securities Commission (NCSC) by Carricks Ltd (Carricks) alleging that Asiatic Pacific Industries (Asiatic) had breached section 11 of the Companies (Acquisition of Shares) (Queensland) Code in relation to Carricks' shares. Asiatic had acquired 19.9 per cent of Carricks' shares in March 1985 and it was alleged that Asiatic was associated with Carricks' shareholders so that its entitlement to Carricks' shares exceeded 20 per cent.

The NCSC investigated the complaint but was not able to find evidence of breaches of section 11 of the Code. The NCSC enquiry was terminated subject to any new information becoming available.

In late June 1985 Carricks made further representations to the NCSC. Carricks alleged that a further 5 per cent of its shares had been acquired by a person who may have been associated with Asiatic.

The NCSC has not been able to substantiate this allegation but is continuing to monitor acquisitions of shares in Carricks.