Activist to face Supreme Court
Mr Moylan, 25, allegedly sent a hoax press release from ANZ in January informing shareholders that ANZ was planning to withdraw $1.2 billion in funding from a huge open-cut coal mine in NSW on ethical grounds.
He is being prosecuted by the Australian Securities and Investments Commission for his actions.
Appearing in Downing Centre Local Court on Tuesday, Mr Moylan waived his right to a committal hearing.
Magistrate Bernard Kennedy then ordered that Mr Moylan's case be heard in the higher NSW Supreme Court, rather than the usual District Court.
John Sutton, the lawyer for Mr Moylan, said the fact the case would now be heard in the Supreme Court meant the state thought this was a "complicated matter". But he also said he did not "resile" from comments he made a few weeks ago that the federal government was hanging Mr Moylan "out to dry" by sending him to the higher court.
He said he wondered why similar cases appeared to be handled differently by authorities. "There was a similar issue when David Jones went through a share issue ... [where] someone put out a false prospectus. What happened to that? Nothing," Mr Sutton said.
"And yet to go near a mining company, where the chairman is a former deputy prime minister of this country [and this happens]. What do you think about the politics of that?"
Mr Sutton was referring to Whitehaven Coal, whose share price was smashed the day the fake press release was issued and whose chairman, Mark Vaile, is the former leader of the National Party of Australia.
It comes just one month after former Gunns chairman John Gay avoided jail after being convicted in the Tasmanian Supreme Court in August for insider trading.
He was fined $50,000 and banned from managing corporations for five years. Mr Sutton said that case would not have a bearing on this one, but the sentence was something to which he could point.
"It's something that we can raise, that when a captain of industry does something it gets that result, someone with the right connections, and yet someone who's standing by principle ... [for] a broader community benefit is getting smashed," he said.
Mr Moylan was committed to appear before the Supreme Court on November 1.
Frequently Asked Questions about this Article…
The case involves 25‑year‑old activist Jonathan Moylan, who is accused of sending a fake press release that impersonated ANZ. The hoax claimed ANZ planned to withdraw $1.2 billion in funding from a large open‑cut coal mine in NSW on ethical grounds. He is being prosecuted by the Australian Securities and Investments Commission (ASIC).
The Department of Public Prosecutions successfully requested the matter be moved to the NSW Supreme Court. Magistrate Bernard Kennedy ordered the case sent to the higher court after Moylan waived his right to a committal hearing, and his lawyer said the state regarded it as a ‘complicated matter.’
The hoax press release impersonated ANZ and referred to funding for a coal project. The article notes Whitehaven Coal’s share price was heavily hit the day the fake release was issued. It also references David Jones in relation to a past false prospectus matter and Gunns in relation to a separate insider‑trading case.
The prosecution involves the Australian Securities and Investments Commission (ASIC). The Department of Public Prosecutions (DPP) requested the case be heard in the NSW Supreme Court.
According to the article, Jonathan Moylan was committed to appear before the NSW Supreme Court on November 1.
The article cites two comparators: a past false prospectus incident linked to David Jones where, according to Moylan’s lawyer, nothing happened; and the conviction of former Gunns chairman John Gay in the Tasmanian Supreme Court for insider trading — he avoided jail but was fined $50,000 and banned from managing companies for five years.
Lawyer John Sutton said the move to the Supreme Court suggests the state sees the matter as complicated. He also questioned why similar cases appear to be treated differently by authorities and suggested politics may be a factor, pointing out Whitehaven Coal’s chairman is former politician Mark Vaile.
As illustrated in the article, a false corporate announcement can cause significant market moves — Whitehaven Coal’s share price was smashed the day the fake ANZ release was issued. The case highlights that misleading public statements can affect investor decisions and market prices, and can lead to regulatory prosecution.
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