27 August 2013 MEDIA STATEMENT IMMEDIATE RELEASE Woodlawn Capital Pty Ltd (‘Woodlawn’) and its Directors are currently involved in a commercial dispute in the Supreme Court of NSW with Motor Vehicles Insurance Limited (‘MVIL’) a Papua New Guinean company. The case relates to a number of commercial agreements entered into between the parties in 2009 and 2010. Under these agreements Woodlawn provided services to MVIL and MVIL agreed to pay Woodlawn for these services. In late 2011, MVIL advised Woodlawn that it wished to terminate the agreements prior to conclusion of the contracted term. Woodlawn was owed fees for services it had previously delivered to MVIL, and fees became payable on the early termination of these agreements. After the early termination of the agreements, MVIL began an action in the Supreme Court of NSW against Woodlawn. This matter is a commercial dispute over the validity of the agreements and the obligations that arise from them. MVIL is arguing that it should not be subject to the terms of the agreements, and Woodlawn is, by cross-claim made in the proceedings, seeking to enforce the terms of the agreements. The court case is ongoing and, at this stage, Woodlawn is yet to respond to the evidence lodged by MVIL or lodge its own expert evidence. Due to the ongoing Court action, Woodlawn and its Directors are unable to disclose certain matters connected to the proceedings. However, in light of the current media interest, Woodlawn would like to confirm the following: • Woodlawn has no affiliation with any past or present PNG politician or political party; • All MVIL funds managed by Woodlawn are held on trust for MVIL, which is the sole beneficiary of that trust; • The MVIL funds managed by Woodlawn are regulated by the various Australian regulators, including the Australian Tax Office; Australian Securities and Investment Commission, and AUSTRAC; • Woodlawn has at all times acted in a professional and competent manner; • Woodlawn has at all times adhered to its regulatory requirements; and • Woodlawn and its Directors have suffered economic detriment as a result of this matter. Woodlawn believes that the proper forum for the resolution of this dispute is directly between the parties or in the Court. Woodlawn is open to engaging in commercial negotiations. Woodlawn and its Directors will continue to vigorously defend the Court action and their professional reputations until this matter is concluded.
Posted on: Tue, 27 Aug 2013 23:40:46 +0000
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