Andrew O’Brien KC (leading J O’Brien) represented the sixth defendant, instructed by Gadens.
Salwa Marsh (Led by K O’Gorman SC and with R Strong) represented the plaintiff, instructed by Ashurst Australia.
The judgment concerned ASIC’s application for declaratory and injunctive relief and winding up orders against entities involved in a cryptocurrency mining investment scheme. The Court found that the defendants contravened provisions of the Corporations Act 2001 (Cth) by carrying on a financial services business without an Australian financial services licence, operating an unregistered managed investment scheme, and failing to register as a foreign company. The Court granted declarations of contravention, permanent injunctions restraining the first, second and third defendant from carrying on a financial services business and engaging in related conduct. The Court also ordered the winding up of NGS Crypto Pty Ltd, NGS Group Ltd, and the NGS Digital Mining Scheme. Costs were reserved in respect of the second, fourth, fifth and sixth defendants.
The judgment can be read by clicking here
