ASIC opts not to pursue Reserve Bank companies
The Australian Securities and Investments Commission (ASIC) has released only the briefest of explanations about why it will not be initiating action as a result of the Australian Federal Police (AFP) investigation in to the Reserve Bank (RBA)-related companies Securency International and Note Printing Australia (NPA).
The regulator said that the AFP had provided it with material relating to bribery allegations concerning the two RBA-related companies and that ASIC "considers a range of factors when deciding to investigate and possibly take enforcement action".
"In line with its normal practice, ASIC has reviewed this material from the AFP for possible directors' duty breaches of the Corporations Act and has decided not to proceed to formal investigation," the statement said.
The regulator said it intended to make no further comment on the matter.
Following a two-year investigation in co-operation with foreign agencies, the AFP in July charged NPA, Securency and seven former staff over alleged bribes paid to public officials in Indonesia, Malaysia and Vietnam between 1999 and 2005 to secure banknote contracts.
In evidence given during hearings in the Melbourne Magistrates Court last year, the AFP said the charges did not reflect that individual board members at the companies were complicit or had knowledge of any illegal activity.
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
