GPG appeals Perry judgement

Nick Smith

Friday 14th November 2003

Guinness Peat Group is going to the Privy Council with an appeal in the Perry Corporation equity swaps case.

The move is ironic given that appointments were announced this week to the new Supreme Court, which will replace the Privy Council as the final appeal body for New Zealanders from January 1.

GPG is seeking to overturn a unanimous ruling from a five-member Court of Appeal bench.

But three of the appeal judges who ruled against it Justices Thomas Gault, Sir Kenneth Keith, and Peter Blanchard will sit on the Supreme Court, so only two of the new court's judges would be eligible to hear GPG's case.

GPG's decision yesterday met a mystified response as its shareholders, who will fund the latest action, do not appear to have anything to gain from it.

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