Fresh court action launched about OneTel

A statement of claim has been served on several parties regarding OneTel Ltd's cancellation of a $132 million capital raising on the same day that it entered administration, its liquidator says.

The latest development comes ahead of the annual general meeting of OneTel creditors on Thursday.

Special purpose liquidator Paul Weston of Pitcher Partners said on Monday that a statement of claim had been served on Consolidated Media Holdings Ltd, News Ltd, James Packer, Lachlan Murdoch and other related parties and subsidiaries.

Pitcher Partners seeks to determine whether any rights of action exist surrounding OneTel's cancellation of a capital raising on 29 May 2001.

Pitcher Partners launched its investigation at the direction of the Supreme Court of New South Wales and seeks to recover substantial funds for creditors.

"I consider the case against the defendants to be strong and the prosecution of the claim to be in the best interests of creditors," Mr Weston said.

"The service of the statement of claim is a significant milestone in my administration.

"It represents the culmination of my investigations, my overcoming substantial obstacles and my subsequent success in obtaining external litigation funding."

Mr Weston said the court had approved the funding arrangements, which were confidential.

He said he had written to creditors to inform them of this latest development ahead of the annual general meeting of creditors on Thursday.

The Australian Securities and Investments Commission (ASIC) lost one of the longest civil trials in NSW in November last year when NSW Supreme Court Justice Robert Austin comprehensively dismissed its allegations regarding One.Tel founder Jodee Rich and the telco's finance director Mark Silbermann.

ASIC alleged that Mr Rich and Mr Silberman had failed to meet their duty of care in the months leading up to the company's collapse in May 2001.

The corporate watchdog flagged its intention to appeal in December but in February decided that was not in the public interest.

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