THE LONG running court case surrounding the assets of the former Bread Research Institute (BRI) continues with the plaintiff, defendant and receivers currently in mediation.
The case centres on the ownership of a suite of industry assets built up by BRI.
Assets, including the valuable North Ryde, Sydney, site where BRI was housed were controlled by a not for profit company.
However, in 2011 that changed and the manager of the funds became a company limited by shares, owned by the three directors.
A group of grain and flour industry participants vehemently opposed the changes, saying the money should be put back into the industry, and formed a charitable trust, Grain Technology Australia (GTech), with a view to ousting the new company Rosewood Research as the trustee of the assets in favour of GTech.
As part of the court action, Rosewood Research was banned from the sale of the assets.
Director of GTech Bob Orth said it had been a long and drawn out process, but said he was hopeful of a resolution soon.
“It’s been going on for four years now, let’s hope we can get the right outcome soon.”
The assets up for grabs total around $50 million in value.
