GRANT ADAMS V THE QUEEN

This appeal to the Judicial Committee of the Privy Council (JCPC), which is still the highest court of appeal for certain Commonwealth jurisdictions, concerned conduct associated with the Equiticorp group of companies. Equiticorp Holdings Ltd (EHL), the holding company in the group, was formed in March 1984 and went public in June 1984. Its accounts, as at 31st March, 1987, showed total assets of $2.167bn and a group net profit after tax of $104.9m. On 22nd January, 1989, the whole group was placed into statutory receivership and the shares in EHL became worthless. The chairman of the Board of EHL and managing director, a Mr Hawkins, along with companies associated with him, controlled 40 per cent of EHL shares throughout the whole saga.