Appraisal report on the value of the prime property

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Reference no: EM13860999

The main business of Builders Ltd was real estate development. Builders Ltd had five directors. Maria was Builders Ltd's Managing Director. At a board meeting of Builder Ltd a year ago, Maria presented the following proposal for the board's consideration: 'Builders Ltd should purchase a prime property located in Wollongong CBD for purposes of building a new shopping mall.' Maria knew that Western Construction Ltd, a competitor of Builders Ltd, was also interested in buying the same property. Western Construction approached Maria and offered an all-expenses-paid trip to Europe and $150,000 if she made sure that Builders Ltd made a low offer for the prime property in Wollongong.

Maria prepared an appraisal report on the value of the prime property in Wollongong using outdate data, and convinced the directors of Builders Ltd to make an unrealistic low offer for the prime property. The offer was rejected by the owner of the property who ultimately sold it to Western Construction (2013 final exam question).

a. Has Maria contravened the Corporations Act 2001 (Cth) Please explain why or why not.

b. If the law has been contravened, what actions can be brought against Maria and by whom?

Refer to relevant case law and/or legislation in your answer.

Reference no: EM13860999

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