The Australian Competition and Consumer Commission will appeal some aspects of the judgment of the Federal Court made on 18 December 2003 in ACCC v Oceana Commercial Pty Ltd and Others.
In that judgment, Justice Kiefel did not find that the conduct of various parties alleged to be involved in a property marketing scheme on the Gold Coast contravened the Trade Practices Act 1974.
The ACCC, which instituted proceedings in November 2001, acted on a complaint received from a couple in Cairns who attended an investment seminar conducted by National Asset Planning Corporation Pty Ltd and were subsequently flown to the Gold Coast to view investment properties and visit a finance consultant, Investlend (Aust). The couple purchased a unit within a marketed development on that day.
Justice Kiefel considered that the ACCC did not establish that the prices paid were above the fair market value. Justice Kiefel did not find that the conduct of the lawyer involved in the conveyancing of the property for the couple or that of the property developers, had been shown to contravene the Act.
Further, Justice Kiefel found that the conduct of the Commonwealth Bank of Australia, utilised to finance the couple's purchase of the unit, was not unconscionable. It was not alleged by the ACCC that the bank was directly involved in the property marketing to the purchasers.
The appeal is expected to be heard before the Full Federal Court in May 2004.
