Corporate

Super trustee Diversa has denied it is liable for $300 million in alleged investor losses after it made the First Guardian Master Fund available on its platform, pointing the finger at responsible entity Falcon Capital, its directors and ASX-listed promoter Praemium.

The liquidators of a NSW coal mine formerly owned by Sanjeev Gupta’s GFG Alliance have applied to the court to disclaim a deed under which GFG paid handsome royalties to former owner Glencore. 

The former boss of Metigy has been sentenced to nine years behind bars after pleading guilty to misusing company funds and providing false information to investors, who pumped $40 million into the AI start-up.

ASIC’s chair says the corporate cop is investigating individuals at KPMG for alleged misuse of confidential information belonging to Lendlease and Optus to win new work, but says it is hamstrung by current law from undertaking a broader probe. 

A judge has approved a $35 million penalty against HSBC in ASIC’s novel case over the bank's scam protection failures, despite questioning whether the punishment was severe enough given how long the case took to settle.

HSBC has agreed to pay a $35 million penalty in ASIC proceedings after it admitted to serious failures in protecting customers from scams, but a judge is questioning whether the penalty is high enough. 

Former directors of failed clothing retailer Mosaic Brands are claiming privilege over retainer letters between Deloitte and the company as special purpose liquidators investigate potential insolvent trading and directors duty breach claims.

A judge has ordered the former CEO and chief legal officer of Star to pay a combined $1.1 million in penalties for failing to act on "obvious" money laundering risks, but said the fines would have been higher had ASIC not struck a "generous" settlement with other directors.

An executive director at ASIC has said the High Court has “opened the door” for regulators to rely on a new way to prove corporate wrongdoing that does not require establishing that individuals within a company had a wrongful intent or relevant knowledge. 

A judge has questioned whether Macquarie Financial should get 70 per cent of an interim $102 million distribution to people who sank their retirement savings into Keystone’s Shield Master Fund, which is being investigated for misuse of investor funds.