Promina hit with $100,000 fine
Major financial services house Promina Group has paid a $100,000 fine following an investigation by the Australian Securities and Investments Commission (ASIC) into an alleged failure to comply with the continuous disclosure obligations of the Corporations Act relating to its acquisition by Suncorp Metway.
ASIC announced today that Promina had agreed to pay the fine after being issued with an infringement notice late last month.
ASIC said the payment of the penalty by Promina was the first involving a company with a market capitalisation greater than $1 billion.
The regulator said it had issued the notice because it believed Promina had contravened the continuous disclosure provisions of the Act by failing to inform the Australian Stock Exchange that it had received a proposal from Suncorp Metway to acquire all the ordinary shares in Promina.
AUTHOR
Mike Taylor
Recommended for you
AMP CEO Alexis George has said addressing Australians’ retirement concerns should be "front and centre for policymakers” after its research revealed only half of Australians are confident about their retirement.
LGT Crestone has announced a rebrand, marking a “decisive milestone” following its acquisition of Commonwealth Bank’s high-net-worth financial advisory business in June.
The launch of a low-cost menu for BT Panorama will allow advisers to service a wider range of clients from one platform and potentially run a more profitable business, according to specialist Recep Peker.
Retail investment into private credit funds could surpass that of sophisticated investors, according to ASIC, but the regulator admits it is unsure how and where these individuals are first being introduced to the vehicles.
