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Aug 14, 2012

ASIC nails ‘getaway driver’ in ABC Learning debacle

Almost four years after its inglorious financial collapse, ASIC has finally claimed a scalp from the charred wreckage of ABC Learning Centres.

Adam Schwab — Business director and commentator

Adam Schwab

Business director and commentator

Almost four years after its inglorious financial collapse, ASIC has finally claimed a scalp from the charred wreckage of ABC Learning Centres. But despite presiding over the loss of more than $1.6 billion of shareholder and lender funds, no executive or director of ABC Learning has had to face civil or criminal sanction. Instead ASIC has proudly enforced a sanction on a relatively junior auditor.

3 comments

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3 thoughts on “ASIC nails ‘getaway driver’ in ABC Learning debacle

  1. Patrick McMaster

    The ASIC MUST look at holding accountable the full Board of ABC Learning; each board member is equally culpable in the fraud and loss to lenders and investors.

  2. izatso?

    big flamin’ book, Adam, when 111% of corporate Australia hangs off the Public er Purse ….

  3. geomac62

    Wasn,t it a push by Howard to sideline council and not for profit centres and fund ABC type ventures that led to Groves rise ? I seem to remember smaller community type kindergartens getting squeezed out which later required similar centres to keep failed ABC operating . A bit vague on some things but weren,t there some prominent libs and nationals involved early days in this ? Anderson , Kroger or that former national leader before Anderson or maybe it was his son . Anthony I think it was , surname .
    ASIC must be a bit like the EPA , all bark and no bite . No financial penalties and the main culprits free to be on boards or start a new venture , astounding . Its hard not to conclude that something is lacking or deliberately not being done .

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