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ANZ exec ‘deeply concerned’ about $2.5B share placement shortfall, court hears
Trials 2023-04-24 10:03 pm By Sam Matthews

A senior ANZ executive was “deeply concerned” by the size of the shortfall in its $2.5 billion 2015 equity capital raising, the court heard on the first day of trial in ASIC’s civil penalty case against the bank over alleged disclosure breaches.

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Court orders winding up of investment firm Ascent amid Ponzi scheme claims
Restructuring & Insolvency 2023-04-24 2:54 pm By Sam Matthews

A court has wound up Ascent Investment and Coaching, after ASIC filed proceedings against the company and director Michael Dunjey over concerns that investor funds may have been improperly dealt with.

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Mayfair 101 loses High Court bid to appeal $30M win for ASIC
Financial Services 2023-04-21 11:15 pm By Christine Caulfield

The High Court has rejected investment group Mayfair 101’s bid to challenge a $30 million penalty following a judge’s finding that it misled investors about the risk profile of its financial products.

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Banks face ACCC scrutiny over interest rate-setting
Financial Services 2023-04-21 11:23 pm By Christine Caulfield

The competition and consumer regulator is examining how banks set interest rates on savings accounts and why they are not in line with the Reserve Bank’s cash rate increases, as part of an inquiry launched in February.

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Crypto class action against Qoin issuer trying to bring ‘entirely new’ case, court told
Cryptocurrency 2023-04-20 4:10 pm By Cindy Cameronne

Qoin cryptocurrency issuer BPS Financial is fighting a class action applicant’s bid to amend its case for the fourth time, saying it is trying to bring an “entirely new claim”.

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Sika’s deal with MBCC Group wins clearance from ACCC with sell-off
Competition & Consumer Protection 2023-04-20 12:52 pm By Christine Caulfield

The ACCC has given its blessing to Sika’s planned acquisition of Germany-based MBCC Group, subject to the divestiture of MBCC’s Australian and New Zealand business.

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Goldsky director pleads guilty to dishonest conduct charges
White Collar 2023-04-17 10:50 pm By Cat Fredenburgh

The director of collapsed Kingscliff-based hedge fund Goldsky has pleaded guilty to five charges of dishonest conduct.

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KordaMentha partners fight examination over Arrium administration
Restructuring & Insolvency 2023-04-14 3:38 pm By Cindy Cameronne

The Australian Securities and Investments Commission is fighting a challenge by three KordaMentha partners to the regulator’s decision to allow insurer Atradius to subject them to public examination over their administration of failed steel giant Arrium.

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Forex broker representative loses challenge to ASIC expert opinion
Competition & Consumer Protection 2023-04-14 4:35 pm By Cindy Cameronne

The authorised representative of forex broker Union Standard can’t exclude parts of an opinion by an ASIC-appointed expert in a case alleging it traded in margin products with Chinese clients despite knowing it was illegal under Chinese law.

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Melbourne University justified in sacking professor over ‘highly inappropriate’ texts: FWC
Employment 2023-04-14 11:17 pm By Sam Matthews

The Fair Work Commission has upheld the firing of a Melbourne University professor who was found to have pursued an inappropriate personal relationship with a former employee who later complained she had been “groomed”.

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