In an application before the Federal Court yesterday, the Hispanic owned Company sought to have the media banned from hearing evidence, being presented to Justice Arthur Emmett, in a case brought by the Australian Securities and Investment Commission.
The secretive Company, who has an exclusive deal to distribute Telstra mobile handset's had their application rejected.
The Company is arguing that they want to be exempted, from having to lodge a financial return with ASIC. They argue that they will be exposed to "economic risk" if they have to comply. Competitors are asking "what are they hiding".
Brightstar is appealing an earlier decision by the Administrative Appeals Tribunal, who ruled that the Company had an obligation to lodge their annual financial returns with ASIC because they are a Company with more than $10M in turnover and assets of over $5M in Australia.
Back in 2004 when the Australian operations of Brightstar were established in Melbourne, global CEO, Marcelo Claure, said "Australia is very mature but there is room for a value-added distributor in the wireless space. Our first job will be wooing wireless network operators, dealers and mass merchants, Claure said.
Shortly after that statement Brightstar landed a multimillion dollar distribution deal with Telstra who had recently appointed Sol Trujillo as its CEO. A long time friend of Claure, Trujillo, was also a director of a South American bank which had authorised a low interest loan to Brightstar.
