ASIC accepts EU from former financial services director
The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking (EU) from former director of AIE Fiduciary Services (AIE) Manish Babulal Jani.
Jani is prohibited from managing a corporation for five years and cannot be involved in financial services for two years.
According to ASIC, Jani breached a number of obligations expected of him as the director between April and November last year.
These obligations included ensuring AIE met statutory obligations, maintained proper books of account, was solvent when company debts were incurred, set up adequate risk management systems, and held and retained a dispute resolution system.
AIE’S licence was cancelled in December last year. The company had begun operations in June 2003 and was an Australian Financial Services licence holder.
“Directors hold a position of trust in any organisation and they must adhere to their obligations. If they do not, ASIC will act to ensure they are removed from the industry,” deputy chairman Peter Kell said.
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