Territory Stories

The Northern Territory news Sat 23 Jan 2010



The Northern Territory news Sat 23 Jan 2010

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NT news


The Northern Territory news; NewspaperNT




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Community newspapers -- Northern Territory -- Darwin; Australian newspapers -- Northern Territory -- Darwin

Publisher name

Nationwide News Pty. Limited

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Copyright. Made available by the publisher under licence.

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Nationwide News Pty. Limited



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www.ntnews.com.au Northern Territory News, Saturday, January 23, 2010 5 HIP HOP ALIVE @ BACHFRONT TONIGHT P U B : N T N E W S D A T E : 2 3 -J A N -2 0 1 0 P A G E : 5 C O L O R : C M Y K NEWS Win a true test ofmettle LONG, HARD FIGHT: Former Territory Sheet Metal directors David Smith and Ted Dean have been awarded nearly $750,000 in a David and Goliath legal fight against the ANZ bank. Picture: KATRINA BRIDGEFORD Victory over ANZ for NT small business By EMILYWATKINS A JUDGE has awarded two Territory businessmen nearly $750,000 in a David and Goliath fight against the ANZ bank. But the matter has been adjourned while interest on the payout is calculated. Acting Justice Trevor Olsson found ANZ had breached the implied terms of its contract as banker for Territory Sheet Metal directors David Smith and Ted Dean when it allowed a convicted conman their business partner to take out business loans. Lionel Godwin was convicted to 12 years jail in 2002 for fraud, and he had conned Mr Smith and Mr Dean when they went into business together. Justice Olsson ruled in favour of the businessmen against the ANZ after a legal battle that has stretched nearly 10 years. Mr Smith and Mr Dean sued ANZ for allowing Godwin to make the loans in the business name without doing a check on his assets. They argued that his actions forced their company out of business, and the ANZ failed in its duty of care. Yesterday, Justice Olsson rejected new submissions by ANZ that TSMs conduct amounted to a criminal fraud offence. The (submission) at this juncture is nothing short of a complete negation of any notion of proper case management, he said of ANZ. Even if it can be fairly said t h a t a n y c o n d u c t o n the part of TSM or its directors was criminal in nature ... the plain fact is that (ANZ) was well aware that there were obvious substantial mis-statements or discrepancies in the original re-financing proposal. Justice Olsson found it ill behove ANZ to seek to evade liability in the circumstances, on the basis that it seeks to propound. An ANZ spokesman said the bank would review the judgement and would decide in due course whether to appeal. Mr Smith and Mr Dean were unavailable for comment last night.

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