Lew hires lawyers in Myer push

RETAIL billionaire Solomon Lew has hired one of 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 investors 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 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, dated November 5, from Arnold Bloch Leibler partner Jeremy Leibler says.

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

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.