According to a report picked up in ‘The Australian’ a stouch over Billabong shares between Mark Occhilupo and his former accountant appears likely to be settled out of court. A civil trial between Occy and Noel Holmes got under way on Tuesday in the Supreme Court in Brisbane. 

 However late Wednesday morning lawyers from both sides started discussing a potential settlement. 

 "We are in negotiations at the moment," Occy said outside court. 

"So hopefully we are going to come to an agreement. "

The former world champ is fighting for control of about 21,700 Billabong shares bought for $50,000 in 2000. 

At the current market price the shares are worth about $185,000. 



Mr Holmes, now of Lennox Head, said he previously ran a chartered accountancy business at Coolangatta and was Occhilupo's adviser for many years. Holmes said Occhilupo and his then-wife Beatrice came to him in 2000 saying they had been offered pre-float shares as part of a special offer made by Billabong. He said they told him they could only afford to buy $50,000 worth but they then 'gave him the opportunity' to get on board as well. He said he gave them a cheque for $50,000 and made them sign a document about how the shares were to be held in trust for him. He claims he eventually lodged the court action in 2007 after Occhilupo repeatedly promised to transfer the shares into his name but did not.

Outside court this morning, Occhilupo said he was in 'negotiations' and was`hopeful' of coming to an agreement.

Source AAP newswire. Photo GoldCoast.com.au