Ltd. is an Australian investment company established to hold for the Liberal Party of Australia (Victorian Division) and associated entities.
[1][2] Named in honour of former Senate President Magnus Cormack, the company was set up in 1988 with the proceeds of $15 million from the sale of former Melbourne radio station 3XY,[3] the broadcast licence of which had been originally licensed to Liberal Party precursor the United Australia Party.
[10][4] Morgan and Calvert-Jones signed formal Undertakings saying that they held their shares of behalf of the Liberal Party.
A problem arose in the Federal Court proceedings in that Charles Goode admitted before Justice Beach that he had a conflict of interest when he took his shares in 2000.
However, despite admitting the conflict of interest Goode has not resigned as Chairman of Cormack nor has he handed his shares back to the Party.
Two Cormack Directors Charles Goode and John Calvert-Jones were members of the Finance Committee for the entirety of the Mantach fraud (2011 - 2014) but failed to notice the theft occurring.
After the Federal Court ruling, the Cormack Foundation described the Liberal Party's victory as "Pyrrhic" while Kroger requested the Cormack Foundation's directors and shareholders to resign and relinquish their shares to the Liberal Party, threatening further legal action if they did not.