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Mineralogy, ASIC spar in ‘collateral attack’ on Clive Palmer criminal case
ASIC 2021-06-22 4:38 pm By Miklos Bolza

Mineralogy is seeking declarations that its 2014 financial statements were true and fair in a court case ASIC has called a “collateral attack” on criminal proceedings brought against Clive Palmer over $12 million spent on his political aspirations.

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Noni B owner must hand over docs sought by ACMA in Spam Act investigation
Justice Anna Katzmann 2021-06-21 1:44 pm By Cat Fredenburgh

A judge has ordered Noni B owner Mosaic Brands to comply with a request for documents issued by the Australian Communications and Media Authority in relation to potential violations of the Spam Act.

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ASIC’s proposed $40M fee disclosure penalty ‘manifestly excessive’, NAB tells court
Financial Services 2021-06-18 10:08 pm By Christine Caulfield

National Australia Bank has urged a court to impose a $15 million penalty for its five-year failure to adequately disclose its adviser fees, and has argued ASIC’s push for a steeper penalty goes too far.

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ASIC defends handling of Nuix prospectus ahead of disastrous IPO
Securities 2021-06-18 2:35 pm By Christine Caulfield

The Australian Securities and Investments Commission’s new chair Joseph Longo has defended his team’s work in reviewing the Nuix prospectus before the embattled tech company’s $2.9 billion float late last year.

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Senator blasts ASIC for failing to investigate ‘catastrophic’ Nuix float
Class Actions 2021-06-17 10:41 pm By Cat Fredenburgh

Labor Senator Deborah O’Neill has taken a swing at ASIC commissioner and former Macquarie general counsel Cathie Armour for failing to act on concerns raised prior to the $2.9 billion IPO of embattled technology company Nuix, which led to a $580 million payday for shareholder Macquarie.

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ACCC seeks $1.2M penalty against Sumo Power for pricing bait and switch
Competition & Consumer Protection 2021-06-17 3:00 pm By Cat Fredenburgh

The Australian Competition and Consumer Commission is seeking a $1.2 million penalty against Victorian electric utility Sumo Power for luring customers with the promise of discounts and low rates only to jack up their prices months later.

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Super funds want price info protected in Westpac insider trading case
Financial Services 2021-06-16 2:24 pm By Christine Caulfield

Industry super funds AustralianSuper and IFM Investors – the consortium behind the interest rate swap at the centre of the corporate watchdog’s insider trading case against Westpac — have asked a judge to shield commercially sensitive information from the public as the high-profile action unfolds.

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ASIC ban of RI Advice financial planner accused of double charging clients sticks
Financial Services 2021-06-16 1:35 pm By Cat Fredenburgh

A tribunal has rejected a bid for review of ASIC’s decision to permanently ban an RI Advice financial planner who was accused of double charging his clients.

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Tatts takes ATO to court over deduction for $120M lotto licence
Tax 2021-06-15 11:27 pm By Cat Fredenburgh

Tabcorp-owned Tatts Group has appealed a finding from the Commissioner of Taxation that it cannot deduct a $120 million lotto licence from it assessable income for the 2017 financial year.

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Auditors of fraudster Melissa Caddick might face class action
Class Actions 2021-06-10 11:33 pm By Christine Caulfield

Investors who entrusted their retirement savings to deceased fraudster Melissa Caddick may launch a class action against the auditors that signed off on financial statements for the funds.

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