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
Insignia Financial intends to be the leading wealth manager by 2030 as it moves away from acquisitions to achieve $200 million in cost savings per annum over the next five years.
Count chief executive Hugh Humphrey is keen for the firm to be a leader in the new world of advice as the industry generates valuable businesses post-Hayne royal commission.
Four individuals, including three senior staff from Canaccord Genuity, have collaborated to launch their own Western Australian wealth management firm.
Thematic ETFs are beginning to gain ground among advisers seeking to enhance portfolio diversification and tap into specific growth themes, according to leading ETF providers.
