Atlas Advisors has welcomed orders made in its favour by the Federal Court of Australia, including a $350,000 settlement and unreserved apology from media company Australian Financial News Pty Ltd and publisher Guoliang (David) Han for a false and misleading article published in September 2019.
The Federal Court of Australia has today made Final Orders after hearing a matter brought by Atlas Advisors and its Executive Chairman Mr Guy Hedley (as First and Second Applicants) against Australian Financial News and David Han (as First and Second Respondents).
The Final Orders stated:
The Court orders that:
1. Judgment for the Applicants in the sum of $350,000.00
2. Each party to pay its or his own costs.
The Court notes that:
3. The respondents give the following apology:
'On 16 September 2019 the Australian Financial News (AFN) published an article about funds manager Atlas Advisors Australia and its Group Executive Chairman, Guy Hedley. The article contained allegations that were false. AFN unreservedly apologises to Atlas and Mr Hedley for the harm and distress caused to them by reason of the publication. AFN and Mr Han withdraws each of the allegations that were made.'
4. The respondents to publish the Apology in a prominent position on the First Respondent's website (in English and Chinese) for 14 consecutive days.
5. The respondents to publish the Apology in a prominent position on the First Respondent's WeChat channel (in English and Chinese) for 14 consecutive days.
Atlas Advisors Executive Chairman Mr Guy Hedley said:
"We are pleased this matter is over and that Australian Financial News and David Han are accountable for the outrageous claims made in the article and that each allegation made against Atlas Advisors has been withdrawn.
"Evidence given in the Federal Court of Australia included our position that the false and misleading article was published after Atlas Advisors refused to pay a sum of $40,000 to Australian Financial News and David Han in what we strongly viewed as an act of extortion against us."
About Atlas Advisors Australia
Atlas Advisors Australia is a leading funds manager and investment advisory business, operating between China and Australia offering a wide range of financial services and wealth management solutions. With operations in Sydney and Melbourne in Australia and Shanghai in China, we are able to support investors in all China and Australia locations.
