World News – UA – Asic Vice President Resigns After $ 70,000 Rental Payment Revealed


Concerns over the payment of Daniel Crennan, who was to help him move from Melbourne to Sydney, were raised by the Auditor General

The regulator’s law enforcement official, Vice President Daniel Crennan QC, resigned after it was revealed he had received nearly $ 70,000 in rent that could have exceeded public sector salary limits

Concerns over payments to Crennan, which were to help him move from Melbourne to Sydney, and $ 118,000 that the Australian Securities and Investments Commission paid KPMG to give tax advice to the chairman of the regulator, James Shipton, were raised with Treasurer Josh Frydenberg in a letter from the Auditor General last week

In a statement, Crennan said he intended to retire in July – a move that would have taken his time at Asic to three years

« However, under the circumstances, I decided that it was in Asic’s best interests that I resign now, » Crennan said

He said he would be available to « facilitate the orderly transfer of work to my successor »

Crennan was the main driver of a new, stronger stance on corporate wrongdoing developed by Asic after the Royal Banking Commission uncovered widespread misconduct in the financial sector, usually at the expense of customers

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The strategy, dubbed ‘why not take legal action’, was designed to combat the widely held perception that Asic’s prosecution of wrongdoing lacked bite and the regulator too often sought settlements with the great neighborhood instead of taking the risk of going to court

Crennan’s resignation will increase pressure on President James Shipton to follow him Shipton said on Friday he would « stand on the sidelines » as the Treasury investigates the $ 118,000 paid to KPMG for the tax advisor

The investigation, which will be led by Vivienne Thom, former inspector general of intelligence and security, should be completed by the end of the year

Opposition MP Andrew Leigh said the Morrison government should have investigated Crennan’s pay much sooner

« The Morrison government knew over a year ago that Daniel Crennan was being paid more than the Chief Justice, which should have immediately raised the alarm, » he said

« This problem was only discovered thanks to the Auditor General, whose budget is being cut by the Morrison government

« The Treasurer has questions about when he learned of the Auditor General’s investigation, why it is taking more than two months to investigate Shipton’s issue and whether his cuts to the Auditor General’s budget general aim to deliberately block investigations of this sort « 

« The government thanks Mr. Crennan for his service and the important work he undertook during his tenure as Vice President, « he said

In his statement, Crennan said he initially accepted the position at Asic with the understanding that he would be based in Melbourne

“In October 2018, I accepted a request from President Asic to move to Sydney due to the higher number of Melbourne-based commissioners,” he said

He said that in September and « early October » he was told about external advice on payments and concerns from Auditor General Grant Hehir

Australian Securities and Investments Commission, resignation, Australia, finance

Global news – AU – Asic vice-chairman resigns after disclosure of payment of rent of $ 70,000



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