Private equity investment group, Mayfair 101, has welcomed today’s decision by the Federal Court to stay the contempt and injunction proceedings brought by the Australian Securities and Investment Commission, calling the decision a major win for Mayfair 101’s stakeholders.
Justice David O’Callaghan of the Federal Court of Australia found that ASIC failed to make a case for interim injunctions to be imposed against Managing Director James Mawhinney and two Mayfair entities. Justice O’Callaghan also stayed the proceedings.
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