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Former IRExchange execs charged with Corporations Act violations
ASIC 2025-02-13 11:22 pm By Julia Kanapathippillai

The Australian Securities and Investments Commission has charged three former directors of failed online grocery wholesaler IRExchange for allegedly violating the Corporations Act.

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‘Red flags, red suitcases’: Star GC warned of unacceptable risk, court told
Trials 2025-02-11 10:56 pm By Cindy Cameronne

A former Star executive agreed to renew the casino’s relationship with a junket with organised crime links despite Star Sydney’s GC warning of suspicious transactions, a court has heard. 

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Former Star execs ignored ‘brazen’ money laundering risks, court told
Trials 2025-02-10 11:03 pm By Cindy Cameronne

On day one of trial in ASIC’s case accusing ten Star executives of turning a blind eye to money laundering, the court heard about a blue esky bag full of cash and people hiding under blankets to avoid CCTV.

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HSBC may face new claim in ASIC case alleging lax scam prevention
Financial Services 2025-02-07 3:15 pm By Cat Fredenburgh

British banking giant HSBC could face a new claim in ASIC proceedings alleging it failed to adequately protect customers from scams, a court has heard.

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Former Star CFO reaches settlement with ASIC
ASIC 2025-02-05 11:17 pm By Sam Matthews

The former CFO of Star Entertainment has reached a settlement in ASIC’s case accusing ten executives of breaching their duties in relation to the casino operator’s lax money laundering compliance.

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Noumi, Deloitte to pay $43M to settle shareholder class action
Class Actions 2025-02-04 12:42 pm By Cat Fredenburgh

Noumi and auditor Deloitte will pay $43 million to resolve a class action alleging the company misled investors about its inventory, and the class action will make a play for a $5 million penalty agreed to in ASIC proceedings.

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ASIC investigating ASX over December settlement outage
Investigation 2025-02-03 5:20 pm By Cindy Cameronne

The corporate regulator has commenced an investigation into ASX’s one-day technical failure that prevented the settlement of trades on the CHESS system shortly before Christmas. 

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Non-bank lender Firstmac hit with $8M penalty for DDO breaches
Financial Services 2025-01-24 10:23 pm By Andy Sidler

The Federal Court has slapped non-bank lender Firstmac with an $8 million penalty, the second doled out in ASIC proceedings for violations of the new design and distribution obligations.

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‘No flight risk’: ASIC can’t get travel ban on fund manager in probe over $35M
ASIC 2025-01-24 11:04 pm By Andy Sidler

Rejecting an urgent travel ban bid by the corporate cop, a court has cleared Melbourne businessman Rashid Alshakshir to fly to Indonesia, saying the evidence did not show he was a flight risk.

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Gov’t throws Rex a lifeline with $50M debt acquisition
Aviation 2025-01-23 1:19 pm By Julia Kanapathippillai

The federal government will take on $50 million of Rex Airlines’ debt to keep the troubled regional carrier flying.

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