But Woodlawn experienced not acquired the licence, arguing it absolutely was acting only because the Australian agent with the investor and that it had been given legal assistance to replicate this truth.
He said the only real potential he had acted in was "introducing folks to potential opportunities in PNG".
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The corporate officer responsible for taking the positions was McNamara, who informed the court he had had unjustifiable self-confidence inside the power on the Australian financial state.
Mr Hazard alleged it did this by causing the company to possess "large unfavorable notional exposure to the slipping market, from the obtaining of long run contracts, the marketing of Index Place Choices and equities in predominantlyresource focused companies among the other strategies".
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"If I had the advantage of hindsight for the time I would've taken reverse positions and been hailed as a hero," McNamara stated. "While in the gatherings which transpired my confidence within the power in the Australian financial system and its markets was not justified and I misplaced my client cash.
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And a firm they directed also compensated hundreds of A large number of dollars within a referral or introduction price to your previous PNG primary minister's son in connection with getting the deal to invest the resources.
"I'm presented a payment for the introduction but that is it. I never negotiate or Engage in an active job in any of the".
He also observed that Woodland Money experienced engaged in "deceptive perform" since it didn't have an proper financial services management licence when it absolutely was controlling The cash.
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Justice Stevenson agreed with Woodlawn's submissions that Mr Hazard's propositions were being generic and didn't express any strategy that may have been adopted to achieve a neutral overall performance.