Alexander Forbes ‘does not agree’ with ruling
Alexander Forbes says it does “not agree with all of the conclusions reached by the learned acting judge” (JF Roos), and will be taking advice from counsel on whether it can appeal. Curator Tony Mostert has no comment apart from saying that “the judgment speaks for itself”.
The outgoing chief executive of Alexander Forbes, Bruce Campbell, claims that, despite the setback it received this week, Alexander Forbes continues “with our ongoing efforts to resolve the matter to the benefit of pensioners”.
He says a successful joinder application may have encouraged third parties to give further, serious consideration to settling the matter .
Campbell says the court action, which the judge described as “vexatious”, was a “preliminary application which sought to have the same court determine the liability of all parties who participated in the transactions which the curator alleges were unlawful, rather than different courts determining the same issues in different trials”.
He also claims “we are extremely anxious to find a speedy and fair resolution to the matter. Although the litigation proceeds and we continue to prepare our defences, this does not in any way preclude a commercial resolution and we have confidence in this approach.
“An understanding of our perspective would indicate that the three applications were brought to facilitate the efficient and fair conduct of the trial. We are very mindful of our responsibilities in bringing the matter to a satisfactory conclusion.
“The application for joinder was ... by no means an attempt to merely make a legal point. Importantly, it was a preliminary application which sought to have the same court determine the liability of all parties who participated in the transactions which the curator alleges were unlawful ...”.