Lew sets legal heavies on Myer

RETAIL billionaire Solomon Lew has hired one the nation’s top corporate law firms as he pushes for Myer to release a trading update before its annual meeting.

Mr Lew has hired Arnold Bloch Leibler, having already threatened Myer with legal action if the department store chain refused to provide its latest sales results ahead of inves- tors voting on whether to deliver a “second strike” against the group’s executive remuneration rates.

The law firm has fired off a letter to Myer, saying its refusal so far to provide a trading update ahead of the meeting is a breach of Australian corporate law.

“By taking this step and continuing to withhold material information, the directors are also conducting the affairs of the company contrary to the interests of the members as a whole in contravention of s 232 of the Corporations Act 2001,” the letter from Arnold Bloch Leibler partner Jeremy Leibler says.

“Any refusal to provide this information may constitute a further breach of the duties,”

The letter is dated November 5.

Section 232 says a court can order a company to carry out certain actions if its affairs are contrary to the interests of shareholders as a whole.

Mr Lew’s listed retail vehicle, Premier Investments, which owns brands including Smiggle, Peter Alexander, Just Jeans and Portmans, is the biggest investor in Myer.

The retail billionaire is pushing to topple the board of Myer, saying it lacks the experience needed to turn the ailing retailer around.