The Commonwealth Bank of Australia (ASX:CBA) joined the Australian Taxation Office at the Federal Court in Melbourne yesterday for the pursuit of $650,000 in debt from Australian Style Investments, the company run by Nicholas Bolton that was behind an alleged “greenmail” manoeuvre in 2009.
Fairfax media reports Bolton gained a 19 per cent stake in BrisConnections by buying 77 million units for 0.01 cents a unit, and then tried to close the company through a shareholder vote.
The CBA joined the ATO’s application over collective unpaid debts of almost $1 million yesterday, but Bolton’s lawyers said his company was unaware of its debt to the bank. The case was adjourned to December 13.
The Commonwealth Bank of Australia (ASX:CBA) reported a net profit of $6.4 billion in the 2011 financial year.
