ASIC has commenced proceedings against Oak Capital (Oak Capital Mortgage Fund Ltd and Oak Capital Wholesale Fund Pty Ltd) for allegedly engaging in unconscionable conduct to avoid the National Credit Code. ASIC alleges that from 7 March 2019 to 4 October 2023, Oak Capital made up to 47 loans totalling over $37 million under a …
ASIC has disqualified Constandinos Ganatzos, of Brighton-Le-Sands, NSW, from managing corporations for the maximum period of five years due to his involvement in the failure of 21 companies. At the time of ASIC’s decision, the 21 companies owed a combined total of $71,144,235 to unsecured creditors, including $21,727,914 owing to the Australian Taxation Office, $1,285,894 …
ASIC has suspended the registration of three self-managed superannuation fund (SMSF) auditors for one year. ASIC determined auditors Wuzhao Fang, Huiting Li, and Xuan Wu breached independence requirements by auditing thousands of SMSF clients from a single referral source, who is a SMSF administration provider. The SMSF administration provider offers online SMSF setup and administration, …
ASIC has today released findings from its financial reporting and audit surveillance for the 12 months to 30 June 2024, and announced a proactive surveillance focused on auditors’ compliance with independence and conflicts of interest requirements. ASIC Commissioner Kate O’Rourke said: ‘Auditors play an important role in our capital markets and in decisions in our …
We foster financial stability and confidence in the financial markets and enhance protection for customers, investors and the insured.