Babcock & Brown board of directors dwindles
The embattled Babcock & Brown (BBL) has suffered a further blow with the resignation of four members of its board of directors, including managing director and chief executive Michael Larkin and chairman Elizabeth Nosworthy.
Currently in voluntary administration, BBL notified administrators Deloitte Touche Tohmatsu yesterday of the resignations of Larkin, Nosworthy and directors Roger Handley and Geoffrey Martin, effective April 29. Two company secretaries also resigned earlier this month.
In an announcement to the Australian Securities Exchange filed by the administrators, Deloitte said it had not been involved in any discussions with the parties prior to their resignations. The administrators also said they were “seeking legal advice around the proposed resignations from BBL and the implications thereof”.
Deloitte said it would not comment on any impact the resignations may have on their investigation into BBL, but believed it had sufficient power at law to obtain information needed to satisfactorily conclude its enquiry.
BBL placed itself in voluntary administration in mid-March following a decision by its board of directors that the company was likely to become insolvent.
Nosworthy, Handley and Larkin remain directors of Babcock & Brown International.
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
