Court finds former Quintis director did not breach duties

After a four-week contested trial, the Federal Court has found Frank Cullity Wilson, former managing director of Quintis Limited (Quintis), did not breach his duties as director regarding disclosure of the termination of key contracts.

ASIC Deputy Chair Sarah Court said, ‘ASIC pursued this case because we were concerned that information was not properly disclosed to the Quintis Board or to the market, impacting investors and their confidence in Australia’s financial markets.

‘We will continue to work to ensure the integrity of Australia’s continuous disclosure regime.’

ASIC is carefully reviewing the judgment.