Former One. Tel managing director Jodee Rich and former finance director Mark Silbermann would be paid $13.8 million and $190,000 respectively by the corporate regulator Australian Securities and Investments Commission
(ASIC), with the aim of reimbursing legal costs they acquired successfully protecting their conduct in the four months before the telephone company collapsed in May 2001.

The sum being given to Mr. Rich consists of $9.6 million in expenses and $4.2 million in interest.

Back in December, the ASIC were instructed by Justice Robert Austin to pay the defence costs in December. However, the two sides failed to agree on the amount earlier.

As per David Williams, SC, costs of $11.4 million and interest of $5.1 million were being sought by Mr Rich and Mr Silbermann at the time. The dispute was thought to be resolved in a three-day hearing; however it was only yesterday when an agreement was arrived upon.

The deal does not allow the money to be paid till 22nd March, three weeks after the deadline for ASIC to activate its foreshadowed appeal. The delay will let the ASIC to urge the court for a stay on the costs order if it decides to appeal.

It was forwarded by Justice Austin that he won't be present to hear any stay application as he will retire on 26th February from the NSW Supreme Court.

Though the judge is 63 and is nine years away from compulsory retirement from the bench, but he has decided to take over a visiting position at the University of Sydney, where he lectures on corporate law.

Before becoming a partner of the law firm Minter Ellison in 1990 and joining the court in 1998, he was a professor and lecturer at the university for 20 years.