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This Week in Penalties 16 August-20 August

Friday 20 August 2021

The Australian Securities and Investments Commission (ASIC) Duncan McLeod has been disqualified from managing companies for 5 years for his involvement in the failure of two companies.

The Australian Securities and Investments Commission (ASIC) announced former Halifax Auditor the Robert James Evett must pay $10 000, and the EC Audit must pay $40 000i for failing to meet auditing standards. 

The charges are related conduct for end of financial year audits for 2016, 2017 and 2018. 

The breaches of the auditing standards. 

  • EC Audit failed to understand Halifax’s business and failed to design appropriate tests to identify material misstatements in the accounts, and
  • Mr Evett failed to take responsibility for the overall conduct of the audits and failed to ensure that staff with appropriate skills were conducting the audits.

CBA has been ordered to publish on its website about the dales and misleading conduct when overcharging for business overdraft accounts. 

The Australian Securities and Investments Commission (ASIC) has prosecuted 124 people for failing to cooperate with liquidators.

ASIC said in a formal statement,” If people fail to comply, registered liquidators can seek assistance from ASIC under the liquidator’s assistance program (LAP). If people fail to comply following intervention by ASIC, we have the power to initiate prosecution proceedings against them.”

Decathlon has been ordered to pay $1.5 million for selling 432 basketball rings and backboards and 307 portable swimming pools that fail to meet safety standards.
Australian Competition and Consumer Commission (ACCC) Deputy Chair Delia Rickard said, “Mandatory safety standards exist to reduce the risk of death and serious injury to consumers, especially children, when using these types of products.”

Criminal cartel charges were withdrawn against Construction Forestry, Maritime, Mining and Energy Union (CFMMEU) and the ACT Divisional Branch Manager Jason O’Mara for allegations of cartel arrangements for scaffolding services in 2012 and 2013. 

Australian Competition & Consumer Commission (ACCC) Chair Rod Sims said in an official statement, “In this case, the decision to withdraw was made in the context of the extended period of time which has elapsed since the alleged conduct occurred, and the challenges that posed for witnesses’ memories of relevant events.”