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ASX Shareholder Seeks Court Approval to Sue Former Directors Over Failed Blockchain Project

Guavy AI Editorial Team
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An ASX shareholder is seeking court approval to sue former directors over alleged breaches connected to the failed CHESS replacement project.

The blockchain-based overhaul was paused in November 2022 and abandoned in May 2023 after an Accenture review identified significant problems.

Rosherville Pty Ltd, a shareholder, has notified ASX that it intends to seek leave under sections 236 and 237 of the Corporations Act to bring proceedings on the exchange's behalf.

The proposed case follows the collapse of ASX's long-running effort to replace its Clearing House Electronic Subregister System with distributed-ledger technology.

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