We’ve been investigating a number of complaints, under our complaints scheme, about our actions or inactions in relation to the British Steel Pension Scheme (BSPS). Members of the BSPS worked hard during their employment and have experienced significant worry regarding their financial security in retirement. We found that many BSPS members suffered financial loss after […]
Author Archives: ETE
Former Victorian director charged with breaching his director duties and making false statements to ASIC
Benjamin Thomas Molloy of Point Cook, Victoria appeared at the Melbourne Magistrates Court charged with one count of breaching his duties as a director pursuant to section 184(2)(a) of the Corporations Act 2001 (Cth) and five counts of making false statements to ASIC pursuant to section 1308(2) of the Corporations Act 2001 (Cth). Following an […]
Henry Eng Chye Heng sentenced to 18 months’ imprisonment for misleading share trading
The founder of listed bottled water producer Eneco Refresh, Henry Eng Chye Heng, was sentenced to 18 months’ imprisonment for market manipulation and creating a false or misleading appearance of active trading following a hearing in the Perth District Court on the 19 April 2024. The court ordered Mr Heng be released forthwith on recognisance […]
ASIC cancels AFS licence of JB Markets
ASIC has cancelled the Australian Financial Services (AFS) licence of JB Markets Pty Ltd (JB Markets) effective from 12 April 2024, for failing to: comply with the financial requirements of its AFS licence; and have adequate resources to provide the financial services covered by the licence and to carry out supervisory arrangements. Under the Corporations […]
Macquarie Bank to pay $10 million for failure to properly monitor system for third-party fee withdrawals from customer accounts
The Federal Court has ordered Macquarie Bank Ltd to pay a penalty of $10 million for failing to have effective controls to prevent and detect unauthorised fee transactions conducted by third parties, such as financial advisers, on customer cash management accounts using Macquarie’s bulk transacting facility. ASIC Chair Joe Longo said, ‘Fraud controls are increasingly […]
ASIC appeals Federal Court findings relating to unfair contract term in insurance contracts by Auto & General
ASIC has appealed the Federal Court’s decision to dismiss ASIC’s proceedings against Auto & General Insurance Company Limited (Auto & General) regarding an alleged unfair contract term under the ASIC Act. ASIC alleged that a term in Auto & General house and contents insurance policies: required policyholders to notify Auto & General if ‘anything’ changes […]
ESAs consult on technical standards for joint examination teams under DORA
The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) launched today a public consultation on the draft Regulatory Technical Standards (RTS) on the conduct of oversight activities in relation to the joint examination teams under the Digital Operational Resilience Act (DORA). The primary goal of the draft RTS is to lay out the criteria […]
ASIC disqualifies QLD construction director for 5 years
ASIC has disqualified Miroslav Jack Samardzija of Wamuran, Queensland from managing corporations for the maximum period of 5 years due to his dishonest conduct and flagrant disregard for his duties as a director the failure of three companies. Between September 2019 and May 2021 Mr Samardzija was the director or officer of three companies that […]
ASIC insolvency data shows increase in companies failing
ASIC’s latest insolvency data for the nine-month period from 1 July 2023 to 31 March 2024, released today, shows an increase in the number of Australian companies failing. During the period, 7,742 companies entered external administration, a 36.2% increase on the previous corresponding nine-month period ending 31 March 2023. Out of these external administrations, construction […]
Adam Blumenthal ordered to pay $850,000 and disqualified for five years for market rigging and directors’ duties breaches
The Federal Court has ordered Adam Blumenthal, former director of EverBlu Capital Pty Ltd (EverBlu) and Creso Pharma Limited (now known as Melodiol Global Health Limited) (Creso), to pay a penalty of $850,000 and be disqualified from managing corporations for five years following action brought by ASIC. On 17 April 2024, the Court found Mr […]