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 month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
