Mysterious fuel additive manufacturer and Western Force sponsor Firepower was back in the WA Supreme Court this week, on the behest of Perth stockbroker Phil Grant, who claimed his 10 million shares in the company disappeared following a corporate restructuring.
It is not the first time the Bentley-based company has been embroiled in legal action.
WA Business News first revealed actions against the group and its executives in October 2006, when Rhonda Nairn, wife of former Firepower chief executive Trevor Nairn, sought pre-trial discovery of documents from Firepower Holdings Group Ltd current chief executive Tim Johnston and director Gordon Hill.
Mrs Nairn claimed her 12.5 million shares in the company had vanished following the new registration of its former parent company Firepower Holdings Ltd in the British Virgin Islands. The matter has since been settled out of court.
In this latest action, Mr Hill has been ordered to provide documents to the court within 30 days relating to the restructuring of the Firepower Group of companies, why the transaction took place and Mr Hill’s involvement in the transaction.
Mr Grant, represented by law firm Freehills, is also seeking documentation from Mr Hill, which may explain what shareholding the Grant family company Philaton Pty Ltd had following the transaction, and why it was not currently a shareholder of Firepower Holdings Group Ltd.
The defendants lawyers, Jackson McDonald, intend to file an affidavit in opposition to the pre-trial discovery application.
The case is expected to be argued in mid-May.
