ASIC reveals Dixon Advisory decision-makers
The Australian Securities and Investments Commission (ASIC) has confirmed that its former deputy chair for enforcement, Daniel Crennan, was at the centre of key decisions around the handling of action against Dixon Advisory in 2019.
Answering questions on notice from NSW Liberal Senator, Andrew Bragg, ASIC said the initial scope of the investigation into Dixon Advisory was determined by the investigation teams at the time and that the senior executives of those teams were involved in the decision.
Crennan’s time at ASIC came to an end when he resigned after a controversy around the payment of his removal expenses and those of ASIC’s then chair, James Shipton. They were later cleared of wrong-doing.
ASIC executives had previously told a Senate Estimates committee hearing that they did not know which executives had made the Dixon Advisory decisions but agreed to take the issue on notice.
The ASIC answer said: “On 2 July 2019, which was within 4 weeks of commencing the investigation, a paper setting out the scope of the investigation was taken to the Enforcement Committee (as it was then known). This Committee was chaired by ASIC’s Deputy Chair for enforcement Daniel Crennan QC and all Commissioners apart from one were present at that meeting.”
“The decision to commence the litigation against DASS was a two-step process. As to the first step, the Commission Enforcement Committee resolved on 10 August 2020 to commence civil litigation against Dixon Advisory and Superannuation Services Limited for contraventions of s 961K(2) of the Corporations Act 2001 (Cth) based on contraventions of ss 961B, 961G and 961J of the Corporations Act by representatives of Dixon Advisory.”
“Further, it was resolved to nominate Deputy Chair Crennan QC to provide final approval to file the necessary court documents to commence that civil litigation. The CEC meeting was Chaired by ASIC’s Deputy Chair for enforcement Daniel Crennan QC and all Commissioners apart from one were present at that meeting,” the ASIC answer said.
“As to the second step, on 3 September 2020 Deputy Chair Crennan QC gave the final instructions to file the proceeding after approving the necessary court documents.”
So he received free rent payments on the Govt purse he wasn’t entitled too.
And was totally useless at his job ?
Sounds like our ASIC.
Why weren’t the directors, the AFSL Responsible Managers, the MIS trustees and Managers all charged and pursued ?
Can’t we all see ASIC pointing fingers at past directors and trying to accept zero blame now.
The deputy chair of Australia’s financial watchdog ASIC has resigned after an audit of the organisation’s expenditure flagged concerns about $70,000 in expenses. Daniel Crennan QC this morning said he would resign immediately, saying “it is in the best interests of ASIC”.
The Thom inquiry will scrutinise the use of taxpayer funds to cover $70,000 in rental expenses for Mr Crennan and $118,557 in tax advice for ASIC chair James Shipton, who has stepped aside pending the review.
So two head ASIC people resigned because Austalia own watch dog said these two bloke were effectively stealing money from the government were cleared of any wrong doing while trying to bloke and hide this information…..
We get CSLR which not one other profession or industry has to adhere too anything like this and ASIC are listening to advice from Treasury from the head Dixon advisors who created the phoenix operation who left the investors without money, then go help with create CSLR to blame good people in the industry to pay. so corrupt its not funny. I think its time some of ASIC staff need some ethics test and have to pass a once off exam on the area’s they are giving advice on before they can continue in their job.