Singapore telecommunications giant SingTel cannot claim over $894 million in tax deductible “transfer pricing benefits” for interest paid by a cross-border subsidiary on a loan for the $14.2 billion acquisition of Optus, the Federal Court has ruled.
The founder of construction giant Ralan Group will face public examination in the Federal Court as liquidators continue their investigations into the company’s $561 million collapse.
The liquidator of collapsed vocational education provider Careers Australia has filed a lawsuit against the company’s former directors, including founding CEO of Optus Robert Mansfield, seeking damages for alleged insolvent trading and breach of directors’ duties over a $40 million dividend the company allegedly could not afford.
The former CEO and chairman of Antares Energy has been banned from managing corporations for four years and hit with a $40,000 penalty for failing to disclose to the market the buyer behind an ill-fated US$254 million acquisition of Texas oil assets.
The Australian Competition and Consumer Commission has will not oppose Woodside Petroleum’s $41 billion acquisition of BHP Petroleum International, saying the oil and gas giant would have no incentive to reduce domestic gas supply.
The Australian Communications and Media Authority has hit Telstra with a record $2.53 million penalty for listing individuals phone numbers in public directories against their wishes.
Saying it will only benefit the law firm and lead applicants, a judge has refused to approve a settlement in an underpayments class action against supermarket giant Woolworths, which would see no payout to employees.
Former ANZ super fund subsidiary OnePath overcharged more than $4 million in superannuation fees, according to regulatory action launched by the Australian Securities and Investments Commission on Tuesday.
General Motors is facing a lawsuit by a Holden car dealer who allegedly suffered up to $9.26 million in financial loss following the car maker’s decision to pull the iconic brand in Australia.
Gilbert + Tobin senior partner Gina Cass-Gottlieb has been nominated to become the first female chair of the Australian Competition and Consumer Commission.