$50 billion AUSMAQ Case Against NAB Dismissed - 30 January 2002

The New South Wales Supreme Court's Mr Justice Einstein today dismissed the proceedings brought by Idoport Pty Limited ("Idoport") against the National Australia Bank Limited, certain subsidiaries and eight individually named defendants.

Idoport had been claiming damages in excess of $50 billion.

This now brings to an end all of the proceedings brought by Mr Maconochie and companies associated with him against the National, subject to any appeals.

The proceedings were dismissed because Idoport had failed to make payment of security for the National's costs ordered by the Court in September 2001.

Mr Ross Pinney, Executive General Manager, Specialist and Emerging Businesses said today: "We are pleased that the Judge has dismissed the proceedings. Even though the proceedings have been dismissed over Idoport's failure to pay security for costs, we have always held the view that the claims were misconceived and would fail."

The National has expensed the costs of the litigation as it proceeded. Idoport is liable to pay the National's costs of the dismissed proceedings.