Australian shares are set to open higher, tracking gains in New York. $A reverses. Pending US CPI report in focus.
ASIC has started civil penalty proceedings in the Federal Court against 11 current and former directors and officers of The Star Entertainment Group for alleged breaches of their duties.
ASIC deputy chair Sarah Court said, “ASIC alleges that Star’s board and executives failed to give sufficient focus to the risk of money laundering and criminal associations, which are inherent in the operation of a large casino with an international customer base.” ASIC further alleges that Mr Bekier and Star executives Paula Martin and Greg Hawkins breached their duties by:
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