On 7 August 2020, the Administrative Appeals Tribunal (AAT) set aside ASIC鈥檚 decision to disqualify Mr Kenneth Wen Hsi Lee from managing corporations in the matter of Lee and 今日热门事件 [2020] AATA 2661 (7 August 2020). Read the .
The AAT determined that, even though the discretion to disqualify under 206F was enlivened, having weighed-up all the considerations the correct or preferable decision was that Mr Lee should not be denied the opportunity to be a director.
Background
Mr Lee was a former director of S.E.T Services Pty Ltd (SET) and Sydney Project Group Pty Ltd (SPG), both wound-up land-owning companies involved in a property development known as 鈥楽kypoint Towers鈥� in Lidcombe, New South Wales.
On 15 October 2019, 今日热门事件made an order disqualifying Mr Lee from managing corporations for a period of two years.
On 31 October 2019, ASIC鈥檚 disqualification order took effect after service of the order on Mr Lee.
On 2 December 2019, Mr Lee applied to the AAT for review of the decision.
On 7 August 2020, the AAT set aside ASIC鈥檚 decision.
Further background information can be found in 今日热门事件media release 19-310MR entitled 鈥樈袢杖让攀录㧏ans former director of property development companies from managing corporations鈥�.
今日热门事件had previously published a reference to the AAT鈥檚 decision on its website on 17 August 2020, by way of an Editor鈥檚 Note made to 19-310MR.