Perhaps stung by public criticism that it hasn’t done enough to prevent and prosecute corporate fraud, ASIC has launched a second action in as many weeks, announcing a civil claim against various directors of collapsed fund manager MFS.
Centro
Kohler: The last GFC shoe to drop?
The charges against Centro’s executives will have significant repercussions for future class actions. Expect an ASIC announcement exempting class actions having to register as managed investment schemes, writes Alan Kohler.
Centro charges put heat on Directors Club
ASIC announced today that it was bringing civil charges against the former executive and non-executive directors of collapsed property group Centro, alleging they failed to correctly classify $1.54 billion of interest-bearing liabilities.
ouch! Property the biggest loser in worst ever earnings year
2008-09 was the most dire reporting season in living memory, says Stephen Mayne. And the big Australian property players — not banks — led the losses with $17.24 billion of net losses after tax.
Business confidence on the up as NAB breaks ranks
Enjoy the return to the good times, because according to the NAB, conditions could very well turn down again later this year and into 2010.
ASIC goes ‘between the flags’, but watch those blue-chip rips
The idea of splitting investments into two highly generic categories is fraught with danger, writes Adam Schwab.
Will brutal CommBank put Centro under on Monday?
Could Centro become Australia’s biggest corporate collapse? Stephen Mayne investigates.
Centro, Westfield hearing grim tales from US mall owner
One of America’s biggest mall owners is struggling survive, which raising more concerns about viability of Centro, and to a lesser degree Westfield. By Glenn Dyer.
Centro teeters as no buyer found for Bankstown mall
The failed sale of Bankstown Sqaure suggests there is some pain for Centro, writes Glenn Dyer.
Black Friday: we’ll never see another day like it for losses
Who would have thought that almost 10% of the biggest losses announced over the past two decades could happen on the one day. Stephen Mayne charts last Friday’s historic action.
Allco, Centro flood the market with $3.8bn losses
A $3.8 billion sea of red ink washed across the Australian stockmarket this morning with news of the combined losses of Centro and Allco, writes Glenn Dyer.
The Sackable Seven – which directors most deserve the boot
It’s remarkable that we are yet to see a single high profile non-executive director fall on their sword as a result of the current credit mess. Stephen Mayne is ready to do some prodding.
