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.
A big global fund manager has said that Lachlan Murdoch's role in failed Australian phone group One.Tel had raised questions about his fitness for the top job one day at News Corp.
The UK operations of struggling telco One.Tel could be set to break away from its parent company in Australia.
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.
One.Tel founders Jodee Rich and Brad Keeling, the two directors who received AU$7.47 million each in bonus payments last year, will exit their board seats and executive roles.
As ASIC commences civil proceedings against former One.Tel managing directors Jodee Rich, Bradley Keeling and Mark Silbermann, public pressure to make directors and executives personally pick up the tab for company failures may be rising, according to a survey.
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