Perpetual Trust Ltd v Financial Markets Authority Coa

• Jurisdiction: New Zealand
• Court: Court of Appeal
• Judge: Glazebrook J
• Judgment Date: 04 Jul 2012
• Neutral Citation: [2012] NZCA 298
• Docket Number: CA371/2012

[2012] NZCA 298

IN THE COURT OF APPEAL OF NEW ZEALAND

Court:

Glazebrook, Ellen France and Stevens JJ

CA371/2012

BETWEEN

Perpetual Trust Limited

Appellant

and

Financial Markets Authority

Respondent

and

Trustees Executors Limited

Intervenor

Counsel:

J R Billington QC and S E Fitzgerald for Appellant

H B Rennie QC and B J Moffat for Respondent

C M Stevens and F M Russell for Intervenor

Application to adduce further evidence on appeal — oral judgment — modification of confidentiality orders as set out — refer to HC decision for background — reasons to follow.

Held: It was to be noted that the HC's decision was an interlocutory decision focused on the issue of confidentiality. Further information could arise in the substantive proceeding and/or in other proceedings that were relevant to the broader matters discussed in the HC judgment. It was conceded by appellant that it had an obligation to immediately release information to unit holders about the fact of the loan in question, the total outstanding compared to the total value of the fund, together with any relevant history of the transaction. It also accepted that the Authority should be free to make any public comment on the issue in accordance with its statutory obligations.

The appeal was dismissed (with reasons to follow) subject to the following:

• • The confidentiality order made by the HC on 24 May 2012 was discharged as from midday, Thursday 5 July 2012.

• • The confidentiality order made by in the HC was varied to allow Perpetual Trust Ltd to release a statement to unit holders immediately if it wished to do so. The Authority and the intervenor could comment on that statement publicly if they wished.

• • The order made that the HC file not be searched, copied or inspected without leave of a HC Judge, remained intact. The order was extended to the Court of Appeal's file on this appeal.

• • The HC's judgment on the discharge of the confidentiality orders could be published in its entirety on or after midday, Thursday 5 July 2012, as could this judgment.

• The appellant (personally and not in its capacity as trustee) was to pay the Authority's and the intervenor's costs for a complex appeal.

• A By consent, we grant the appellant's application to adduce further evidence.

• B We dismiss the appeal, subject to the following.

• C The confidentiality order made by Ellis J on 24 May 2012 is discharged as from midday, Thursday 5 July 2012.

• D In the meantime, the confidentiality...