Many are lining up to put the boot into ASIC as the time runs out for the corporate regulator to fix itself.
More than four years after the Hayne royal commission delivered a scathing verdict of the Australian Securities and Investments Commission, a parliamentary inquiry is hearing submissions from disgruntled stakeholders.
One submission claims that when veteran liquidator Michael Brereton accused the directors of a collapsed company that owed $250,000 of breaching their duties and insolvent trading, ASIC sent an auto-generated email just 38 seconds later, declining to investigate.Turnaround Association CEO John Winter estimates that the economic impact of illegal phoenix activity is more than $5 billion.
He is incensed that ASIC data shows 35 official investigations last year were commenced from public reports of alleged misconduct. He claims ASIC is not responding properly to public complaints, and instead focusing too much on its own agenda. “It is completely unacceptable, if not outright scandalous,” he says.But ASIC says there is only so much it can do.
He also believes there is deep confusion in the business community over which matters ASIC is choosing to litigate.“It is inexplicable that ASIC will not pursue the Westpac directors for breaches of their duty to prevent AML/CTF breaches, but will pursue directors of Star Casino,” he writes.Coburn, who now specialises in investigating financial crime, was an ASIC investigator and lawyer for 13 years.
Shipton was caught up in a scandal over his tax bill and, while later cleared, resigned. Allegations have now emerged that he was among ASIC staff to make a bullying complaint against current ASIC deputy chair Karen Chester.It also emerged this year that former corporate and Deutsche Bank lawyer-turned ASIC chairman Joe Longo was forced to apologise to staff after an emotional outburst.
“Plus we have to prepare long detailed papers and get sent back to redo them if they aren’t perfect. And of course, there’s always the risk thatLongo is preparing to implement the largest restructure of the regulator in 15 years from July 1, designed to streamline enforcement, cut bureaucracy and deliver fast decision-making.
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