The Managing Director of private equity group Mayfair 101 has embraced the High Court of Australia’s decision to allow the case against him brought by the Australian Securities and Investments Commission to be re-tried.
On Friday the High Court of Australia declined the special leave applications of Mayfair 101 and its Managing Director, James Mawhinney, to appeal two cases filed by ASIC in 2020. Mr Mawhinney says he will use the remitted case as an opportunity to “set the record straight” in what will effectively be a re-trial of ASIC’s case against him.
The Full Court of Australia remitted the case in September 2022 after finding ASIC had brought a mistaken case. The Full Court overturned Mr Mawhinney’s 20-year fundraising ban, finding he’d suffered a “fundamental denial of procedural fairness”.