Federal Court proceedings over misleading advertising could see Harvey Norman and its financier Latitude Finance face hefty fines, as the fallout from controversial remarks by Chairman Gerry Harvey continues.

The Australian Securities & Investments Commission (ASIC) is seeking a $50 million fine for Harvey Norman and $35 million for Latitude Finance after the companies were found guilty of promoting “60‑month interest-free, no deposit” payment plans that were deemed misleading to consumers.

Harvey Norman’s legal team has argued that any penalty should be capped at $24 million, and that the company should not be penalised for Harvey’s “unattractive” comments about the case.

The issue has been compounded by past public statements from Gerry Harvey, including an interview in which he descr

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