AAT agrees to hear Capricornia appeal

The Administrative Appeals Tribunal will allow Capricornia Credit Union to appeal against a decision by the Australian Securities and Investment Commission to allow Mackay Permanent Building Society to access Capricornia’s member list. ASIC had argued the AAT had no jurisdiction. Mackay Permanent initiated informal takeover discussions with Capricornia last year, but were rejected because Capricornia said the offer undervalued the credit union. The AAT has also allowed the industry body, Credit Union Services Corp to join in the proceedings.