Pyne Gould Corp and its trustee unit Perpetual Group are weighing up their options after the High Court ruled the Financial Markets Authority's raid for information was unlawful, though the market watchdog didn't have to return the information.
The High Court decided the FMA's notices to obtain information from Perpetual Trust were unlawful, Pyne Gould said in a statement to the exchange. The company is considering "the possible implications of the judgment," it said.
In a separate statement, the FMA said the ruling let it keep the documents it obtained, with its notice deemed unlawful due to the request information be provided "immediately."
Its investigation into Pyne Gould is continuing.
"FMA accepts the judgment and welcomes the clarification from the court on how it expects FMA to use this power," said chief executive Sean Hughes. "The circumstances of this case required FMA to act urgently in the public interest, and that action has resulted in the repayment of a substantial loan which is in the best interests of investors."
