PracticeAccounting FirmsAccountant sues ex-world surfing champ

Accountant sues ex-world surfing champ

Accountant demands transfer of shares from former client

Mark Occhilupo,
the former world surfing champion, is being sued by his former accountant and
adviser for $400,000 (?162,000) worth of shares in sports wear and clothing
business Billabong.

Lawyers for Queensland accountant Noel Holmes have filed proceedings in the
Queensland Supreme Court to secure 21,739 shares in Billabong International,
plus dividends and other accrued financial benefits, Australian newspapers
reported.

At market value the shares are worth almost $400,000.

The shares were acquired for $50,000 in July, 2000, as part of a Billabong
share issue offered to Occhilupo, a few months before the company was floated on
the Australian Stock Exchange.

According to Supreme Court documents, Holmes is seeking a declaration that
Occhilupo holds 21,739 shares in Billabong International ‘on trust for the
plaintiff (Mr Holmes)’.

The case is likely to be heard in July.

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