Sydney, 16 February 2009
Macquarie Group Limited (Macquarie) notes the judgement in the Supreme Court of the Australian Capital Territory today in relation to the matter of Macquarie Bank Limited and Others versus Nationwide News Pty Limited (News Limited).
The matter relates to an article headlined “The Mine Shaft” published on 5 March 2005 in The Australian which dealt with Macquarie’s role as banker to Allstate Explorations NL.
While the judgement was critical of the article and described it as emotive and sensational, it found that it was not defamatory under Australian law.
Macquarie notes that the judgement finds no impropriety on the part of Macquarie or its executives as alleged by The Australian. This, together with the excerpts reproduced below, validates Macquarie’s original concern about the article and Macquarie’s actions to protect its reputation.
Macquarie notes that the Judge commented: “There is, in my view, no justification for the tone of the article or what can only be described as “cheap shots” that the article takes at Macquarie’s expense.”
“Having regard to what has been now put before me as to the circumstances upon which the article is based, I can only express my disappointment at the approach taken by the authors of the article published in a newspaper that I thought prided itself on accurate and responsible reporting.”
In his judgement, His Honour also stated: