The Federal Court in Perth on Friday banned Gary Stokes and Terence Quinn from managing corporations for three years and slapped each with a A$25 000 fine for breaching their duties as directors of Padbury Mining with respect to the company’s disclosure obligations.
In June last year, the Australian Securities and Investment Commission (Asic) has started civil penalty proceedings against Padbury Mining and two of its directors over a bungled funding announcement for the Oakajee port and rail project, in Western Australia.
