World News – UA – ASIC Vice-President Daniel Crennan resigns over spending scandal


The vice-chairman of Australia’s business watchdog resigned after serious questions arose over more than $ 70,000 in rental fees

Christine Holgate has stepped down as investigations continue into the purchase of bonus Cartier watches for staff

The regulator’s law enforcement official, Daniel Crennan QC, resigned with immediate effect after a dispute over his $ 750-per-week rental allowance, and this could prove to be the first many heads to roll in the coming weeks

While Australia Post CEO Christine Holgate remains under intense pressure over buying Cartier watches for senior executives, ASIC President James Shipton has also put expenses aside, including over $ 100,000 for personal tax advice

It follows that the Prime Minister announced that he had made no excuse for placing « a rocket » under the orders of public agencies for expenses while thousands of Australians remain without work due to the COVID-19 pandemic

M Crennan, 52, who is 198cm tall, is a former pub bouncer turned lawyer and the son of former High Court judge Susan Crennan QC

He already made headlines early in his term after announcing that banks should « fear » the corporate regulator

« This is a change in the way we operate and the way we pursue our regulatory imperatives, but our position, coupled with legislative reform to give us real sanctions and real weapons, must be understood by the population regulated as meaning that we should be feared and we should be taken very seriously,  » M Crennan

Finance Minister Mathias Cormann has confirmed to Senate estimates that Mr. Crennan had resigned on Monday morning, despite previous advice that his relocation costs were « in line with ASIC policy »

This follows the appointment of M Crennan as Melbourne-based Deputy Commissioner and subsequent request to move to Sydney

After being informed that the relocation policy was in line with ASIC policy, a subsequent audit found it to be inconsistent, which triggered a wider investigation into the relocation allowance and expenses for the watchdog

In a statement, M Crennan said he planned to leave his post next year and that under the circumstances it was best to leave immediately

« ASIC has agreed to pay me a relocation package that includes housing allowance, » M said Crennan

« In September 2020 and early October 2020, I was informed of an external opinion on the current position of the Australian National Audit Office (ANAO) regarding the housing allowance paid to me I asked ASIC to stop paying me housing allowance. I also offered and agreed to reimburse the housing allowance that ASIC had paid me « 

An independent investigation into the corporate culture at the Australia Post is underway amid reports the government entity has spent tens of thousands of dollars on corporate boxes at sporting events in across the country – including in the AFL Grand Final on Saturday

The Herald Sun reports that Australia Post paid at least $ 100,000 a year for a box at MCG to entertain customers that Ms. Holgate – a member of the Collingwood Football Club board of directors – also used the box company for Magpies games

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Australian Securities and Investments Commission, Resignation, Treasury, Australia

World News – AU – ASIC Vice Chairman Daniel Crennan resigns over scandal spending



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