Hemming hands over asset details

Sharman chief executive officer Nikki Hemming was previously ordered by Justice Murray Wilcox to file an affidavit of assets under a so-called mareva order -- which encompasses the freezing of assets and funds -- by 8 April.

However Hemming did not make the deadline, prompting the record companies to file a notice of motion on 12 April against Sharman and associated companies for contempt of court for failing to comply with the order.

The affidavit "discloses with particularity the description and value of all his/her/its assets wherever situated and specifying whether those assets are held by that respondent beneficially or in trust for any other person or entity." This included bank details, trust arrangements, mortgages and contracts for sale.

The Sharman parties had made an application to a court in Vanuatu -- where the peer-to-peer provider is incorporated -- for an order that would hamper the disclosure of its assets.

Sharman's lawyers have argued that disclosing sensitive information would put its accountants in breach of the International Companies Act in the Pacific nation. However, the company withdrew its application and decided to discontinue the proceedings.

Justice Michael Moore is scheduled to deliberate next week on Sharman's application to appeal against the mareva order. The record industry said they were not satisfied with the details of Hemming's affidavit and would raise their concerns during next week's hearing.

Justice Moore is also expected to decide whether or not Hemming's affidavit should remain confidential.