Last month former ABC Learning Centres CEO and BRW Rich List member Eddy Groves appeared before a court to face criminal charges resulting from a breach of directors’ duties.
ABC Learning
ASIC narrows the focus on Eddy Groves
It seems like ASIC has gone back to basics in its pursuit of former ABC Learning Centres boss Eddy Groves. SIC has decided to conduct a very narrow criminal prosecution based on a single transaction between ABC and former executive director Martin Kemp.
New York shows ASIC the way to pounce on GFC villains
While US authorities have taken legal action against failed companies, ASIC, Australia’s so-called corporate watchdog, has laid no criminal charges and only a smattering of civil actions against the villains of the GFC.
ASIC slow off the mark to act on collapsed companies
It appears that ASIC is almost frozen in the aftermath of the global financial crisis.
Eddie Groves’ revenge: a letter of demand to Austock
The background of Eddie Groves claim provides an interesting insight into the collapse of Groves’ relationship with Austock, which was routinely paid tens of millions of dollars by ABC for providing financial advice.
Business As Usual: Rosy future for capex … Apple eats Microsoft … Club Austerity’s newest member …
Taxpayers to chip in for Foster’s, Foster’s write-offs could total $2.5 billion, UK’s Channel Five on the market and BSkyB close to buying Virgin Media TV and Apple takes the most-valuable title.
Business As Usual: Transurban finds itself in the cross-hairs
Things have gone from bad to worse for Transurban chairman David Ryan, with its shares tanking and news that ABC may have been trading while insolvent.
Federal Court puts the heat on key figures at ABC Learning
The Pandora’s Box that was ABC Learning Centres this week is being exposed to the financial world as the company’s administrator, Ferrier Hodgson, conducts a Federal Court examination of key ABC figures.
Aussie bankers doing fee-nominally well
Executives at our biggest banks continue to enjoy a myriad benefits, the Big Four being among the most generous remunerators of executives in business. But lower-paid workers have not been so lucky.
Residential property: bubble, bubble, toil and trouble
Property is a slowly moving beast, but as Japanese and American home owners found it, is can be quite a terrifying one as well.
Mayne: Bowen is right on Sons of Gwalia
Despite all the bleating by class-action lawyers and the Australian Shareholders’ Association, the government’s decision to overturn the Sons of Gwalia High Court decision is no great disaster.
Shareholders strike again at Transurban execs
Australian shareholders are revolting as company directors (and their hired help) design long-term incentive packages that continue to unjustly enrich executives.
Rumourtrage scourge won’t be solved
Directors are wantonly disregarding Corporations Act provisions and actively trading shares with inside information. A new report recommends civil penalities for spreading false rumours.
Labor on child care: promises but no answers
The hot topic of child care remains a mess in Australian, with the government refusing to reveal key data about the status of the industry, writes Sophie Mirabella.
Another nail in the property sector coffin
The Australian property sector is suffering even further today with Australand Property Group reporting multi-million dollar losses and big capital fund raising.
The elephant in the child care reform strategy
Despite the Government already spending over $56M to fund child care and save centres, it refuses to look at how the current funding model made such collapses inevitable.
Eddy Groves freezing order has tentacles
ASIC yesterday launched a shock Federal Court bid to freeze the assets of failed ABC Learning Centres founder Eddy Groves and a key former associate.
Crikey roll call: the GFC’s corporate casualties
Two years on and the global financial crisis has claimed two major scalps — corporate managers and equity investors.
James Hardie is just the tip of the iceberg
Amid the James Hardie “fully funded” furphy, it’s becoming increasingly difficult to trust what companies say at all.
The Parisien model for child care
With one of Europe’s highest birth rates, the French have taken a different approach to providing child care, explains Jonathan Walter.
Green and Groves: the gap between rhetoric and the real economy
If we’ve learnt anything from the spate of corporate collapses this year, it’s that rhetoric and the real economy can be poles apart, writes Andrew Crook.
Auditors pocket millions while asleep on the job
Collapsing markets have shown once more that the multi-national firms paid millions of dollars to audit public companies financial statements have been asleep on the job, writes Adam Schwab.
Shareholders apply the AGM blowtorch
AGM season has come to a conclusion with an unprecedented spate of protest votes, but the directors’ club remains intact, writes Adam Schwab.
The commentators who were seduced by Eddy Groves
Several high profile finance reporters were only too happy to praise Eddy Groves when being rich was as easy as ABC, writes Neil Walker.
