The corporate regulator ASIC has revealed that now it will not pursue an appeal against two former OneTel directors.

The Australian Securities and Investments Commission faced a lose in civil case against OneTel's former managing director Jodee Rich and another director Mark Silbermann in November.

In one of the longest civil trials seen in NSW, the Australian Securities and Investments Commission (ASIC) alleged OneTel founder Mr. Rich and the Telco's Finance Director Mr. Silbermann had failed to meet their duty of care in the months leading up to the company's collapse in May 2001.

It is reported that the case ran for almost eight years, took up 232 sitting days and generated 16,642 pages of transcripts, including evidence taken in London about OneTel's interest in Europe.

"Public interest considerations, cost and effluxion of time were key factors in deciding not to appeal", ASIC chairman Tony D'Aloisio said in a statement.

Professor Ian Ramsay, a corporate law expert from Melbourne University, poses no surprise at the decision made by ASIC. He feels that the regulator's chances of winning an appeal would have been very minute for numerous reasons.