ASIC

An ASX statement from budget airline Rex that was optimistic about its 2023 profit prospects should have been corrected by April, ASIC has told a judge, disputing claims that the statement was not a forecast but merely an expression of what the board hoped for. 

Star's former group general counsel has told a judge she should not have to pay a $1.1 million fine for breaching her directors duties because she has suffered “extra-curial detriment” that includes unemployment. 

ASIC is seeking a $1.3 million fine against Star’s former CEO Matthias Bekier and a $1.1 million fine against ex-general counsel Paula Martin for breaching their duties by failing to warn the casino operator's board about money laundering risks. 

Westpac has been hit with a $26 million penalty -- just shy of the $30 million sought by ASIC -- for failing to respond to online hardship applications on time on 277 occasions, in conduct described as “grossly negligent”. 

An appeals court has shaved nine months off ex-investment banker Rodney Forrest's prison sentence for insider trading, after he accessed confidential information from the computer of Platinum Asset Management's chairman about a takeover offer.

ASIC has wrapped up its case against regional airline Rex without evidence from its former executive chairman, who reversed course this week and admitted he misled investors and breached his directors duties.

ASIC is appealing the dismissal of its case against software company Nuix over representations in a prospectus for its $1.7 billion float, saying it was concerned the court got it wrong.

The corporate regulator has filed proceedings alleging superannuation trustee Equity Trustees failed to act in members' best interests by allowing them to sink $65 million into Falcon Capital's First Guardian Master Fund.

Receivers appointed in proceedings against Falcon Capital, the firm behind the First Guardian Master Fund, have won orders to sell a $9 million Hawthorn property owned by the company's director.

The ASX is fighting for a key witness in ASIC’s case over alleged misleading statements concerning its CHESS replacement program to appear at an upcoming trial, saying he needs to be cross-examined in person.