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ASIC bares its teeth - Centro

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Bushman

Bushman

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ASIC today launched action against 8 Centro directors (2 current, including the Chairman) and the ex CEO (Andrew Scott) and ex CFO (Romano Nenna) for failing in their duty of care with regard to the classification of debt in 2007annual accounts. See the ASIC web-site

MFS, BNB next?

Good to see the watch dog taking some action as a lot of shareholder wealth was destroyed by the action/inaction of these men.
 
Bushman said:
Good to see the watch dog taking some action as a lot of shareholder wealth was destroyed by the action/inaction of these men.
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What about the auditors from PriceWaterhouseCoopersAles, obviously under the influence of some mind altering substance at the time of issuing their Audit Report.
 
Non-executive directors all over Australia will be watching this like a hawk. They rely on the integrity of the senior executive team to provide true and proper accounts.

It is unprecedented for ASIC to go after a whole BOD.

Others who will be shifting around uncomfortably would be Allco, ABC Learning, Great Southern, Timbercorp (as well as previously mentioned MFS and BNB). However it will have to be proven that the accounts were not 'true and fair' and on a 'going concern' basis I would have thought.

Lol; the fat cushy non-exec. director gig is well and truely up it would seem.

PS: yep sure PwC have a case to answer but not sure what ASIC can do about it? The class action will be the true test of their legal defence.
 
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