One.Tel shareholders James Packer and Lachlan Murdoch, two of Australia's wealthiest men, are angry at being misled about One.Tel's cash position in the wake of an administrator being appointed to the ailing telco. ASIC has now launched an investigation.
The administrators of One.Tel have said that the high-profile directors of the failed Australian telco may have adequate defence to any insolvent trading claims.
The UK operations of struggling telco One.Tel could be set to break away from its parent company in Australia.
Former executives of the now defunct One.Tel could face compensation claims amounting to AU$50 million following accusations that they withheld crucial financial information prior to the telco's demise.
It will be an anxious weekend for 1400 One.Tel staff - among the last to hear of the telco's financial woes.
One.Tel backers James Packer and Lachlan Murdoch are unlikely to be tracking the latest career move by insolvency expert Paul Weston, but they know who he is and must dread what he is about to do. Thought the One.Tel legal action was over? Think again.
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