The Digi-tech investment scheme saga drew to a close today with four businessmen who were acquitted of Serious Fraud Office charges having their original High Court costs reinstated by the Supreme Court.
The country's top court overruled a decision by the Court of Appeal denying costs to the
four, who were cleared of fraud charges.
Last year the Court of Appeal slashed the costs awarded to John Anthony Reid, Peter William Russel, John Donald Currie and Peter Michael Connolly after they were acquitted on the charges.
The costs were never settled but were estimated at between $500,000 and $1 million.
The four men took the case to the Supreme Court last month and in its judgement the court reinstated the costs awarded by Justice John Fogarty in the High Court two years ago, as well as a further $12,000 each for their Court of Appeal costs. Reid, Russel and Connolly were awarded a further $20,000 each for their Supreme Court costs.
The Court of Appeal's decision drew fire from some commentators because two of three judges who ruled on the matter said the costs should be reduced because they could lead to the SFO exercising greater caution in the investigation and prosecution of alleged serious and complex fraud, "something that we do not regard as in the public interest".
