Chan Moon Kong - s.87B undertaking

On 27 September 2007, the ACCC accepted the undertaking of Mr Chan Moon Kong, a director of Toll Holdings Ltd and/or its related bodies corporate.

Under the undertaking Mr Chan Moon Kong agrees to sell down any interest he has in Asciano Limited and thereafter maintain his independence from Asciano. In addition, Mr Chan Moon Kong must immediately resign from all positions within Toll, and take no further part in the company, if he ceases to meet the requisite standards of independence.

The undertaking is associated with the fifth variation, accepted by the ACCC on 18 April 2007, to the undertaking given by Toll to the ACCC on 11 March 2006. The fifth variation relates to Toll’s planned restructure of its group businesses by way of scheme of arrangement to create a new listed entity and trust, Asciano.

The ACCC's decision to consent to the fifth variation is given effect through the following documents:

• a variation to Toll's undertakings;
• a new undertaking from Asciano Limited; and
• new undertakings from the directors of Toll and Asciano.

Copies of those documents can be viewed on the ACCC’s website.