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A former CEO of defunct investment research firm van Eyk has admitted to breaching his duties by using his position as director of a subsidiary to dishonestly retain control of the company.
Roof tiling companies to cop penalty in ACCC cartel case
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Two Sydney roof tiling businesses have made admissions in civil penalty proceedings brought by the Australian Competition and Consumer Commission alleging they rigged bids for construction at the University of Sydney.
University sued by union over ‘inaccurate’ workload formula
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The National Tertiary Education Industry Union has brought proceedings against the University of the Sunshine Coast for allegedly allocating teaching and research work to academic staff that did not “accurately reflect the time taken to do the work”.
Ex-Dick Smith CEO should be liable for approving $28.5M in dividends, appeals court told
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The former CEO of failed electronics retailer Dick Smith should be held responsible for approving two dividend payments worth $28.5 million which the company could not afford to pay given it owed millions in unpaid bank loans and supplier debts, an appeals court has heard.
Crown cops record $80M penalty for ‘clandestine, deliberate’ China Union Pay scheme
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Victoria’s gambling regulator has hit Crown Resorts with a record $80 million penalty over its China Union Pay scheme, which allowed wealthy Chinese patrons to illegally access nearly $164 million in funds.
Kupang Resources can’t get tax docs in fight to recoup funds from director Phillip Grimaldi
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An appeals court has set aside a notice issued to the tax office to produce documents to Kupang Resources as the mining company seeks to claw back millions of dollars allegedly siphoned off by former shadow director Phillip Grimaldi.
Ex-Sydney Symphony CEO damaged own reputation with ‘hit job’ media release, court told
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The Sydney Symphony argues its former CEO can’t claim she was dismissed for investigating claims of sexual harassment by the orchestra’s musicians after previously telling the media she was the victim of a politically motivated “hit job” for seeking funding from the NSW government.
Funder sells interest in combustible cladding class actions for $20M
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The litigation funder backing two combustible cladding class actions has sold a third of its investment in the cases to a player in the nascent secondary market for class action financing.
ACCC swipes at Mastercard for alleged interchange rate agreement with retailers
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The ACCC has taken Mastercard to court for allegedly misusing its market power by giving major retailers discounted interchange rates in exchange for them agreeing to process their debit card transactions through Mastercard instead of the cheaper eftpos network.
ANZ wrongly slapped customers with cash advance fees, ASIC claims
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The Australia and New Zealand Banking Group hit hundreds of thousands of customers with cash advance fees after providing them with incorrect account balances, and the Big Four bank has still not rectified the problem, ASIC alleges in new civil penalty proceedings.