A former ACT Senate hopeful has won the right to probe the finances of a Canberra construction giant over allegations its managing director used his position to profit personally at the company's expense.

Key points:

• It is alleged the managing director of Consolidated Builders bought discounted shares
• Those shares were worth $14 million as of mid-July 2017
• The ACT Supreme Court agreed Anthony Pesec, a shareholder, had reason to be granted access to the documents

The ACT Supreme Court this weekgranted Anthony Pesec access to the accounts of Consolidated Builders, in which he has shares, to determine whether he has a case against the company's directors.

Mr Pesec, a former investment banker who ran for the ACT Senate in the recent federal election, alleged in court that managing director Josip Zivko purchased discounted shares in the company, allegedly now worth more than $14 million.

The court heard the company which is a group of builders and property developers which purchases, subdivides, develops and manages land bought shares on three occasions at a "price significantly higher" than Mr Zivko had paid for them.

Mr Pesec asked the court to order the company to give him documents so he could decide whether to launch a lawsuit alleging breaches of fiduciary duties and the Corporations Act.

It came after he asked to view those documents and was refused by Consolidated Builders.

The court heard Mr Pesec would seek compensation from the company if he pursued the case.

The company was ordered to hand over the documents to Mr Pesec after the court agreed there were valid concerns over Mr Zivko's purchases.

Allegations director was sold shares at below market value

Mr Pesec argued in the proceedings that Mr Zivko received a substantial number of the shares at below market value and without the required shareholder approval, and, when viewed as part of his total remuneration as managing director, that had been unreasonable in light of the company's assets and revenue.

There was also a concern that Mr Zivko had caused the shares to be issued to entities associated with him at "unreasonable values", the decision said.

Mr Pesec alleged the shares purchased by Mr Zivko were worth more than $14 million as of mid-July 2017.

The judgment said Mr Pesec had informed the company of his concerns, and it had established a sub-committee to investigate the allegations.

The court heard the sub-committee had not yet reached a final conclusion.

The decision said a director, who criticised Mr Pesec's conduct, was appointed to the sub-committee.

Associate Justice Verity McWilliam ordered the company to give Mr Pesec company minutes or resolutions recording the grant of share options to Mr Zivko, accounting or financial information valuing the shares that were considered by the board in granting the options, and the managing director's employment contract and statement of remuneration.

"I am satisfied on the evidence that a cause of action in substance based on breach of a director's statutory or equitable duties has been identified with sufficient evidentiary foundation to [grant access to the documents]."

However, the associate judge ordered the documents could only be used to investigate and consider litigation.

What are the relevant law to explain the issues that arise from the article?

I know that its s180,181,182 but I don't know how should I link this with the issue more comprehensively