World News – UA – ASIC Vice President resigns over rental fees


ASIC Vice-President Daniel Crennan announced his resignation from his post, but defended the housing allowance the company regulator had paid him

M Crennan started with the Australian Securities and Investments Commission in early 2018, based in Melbourne, but in a statement released Monday morning, Mr. Crennan said that in October of the same year he was asked to move to Sydney due to the number of Melbourne-based commissioners

« ASIC agreed to pay me a relocation package including housing allowance, » he said « I was told that payment of this allowance was in accordance with ASIC policy « 

ASIC Vice President Daniel Crennan, left, and President James Shipton testified before a parliamentary committee last year Image: Getty Images

M Crennan said he was briefed in September and October of this year of advice from the Australian National Audit Office raising concerns about the payments and at that point he called for the payments to be stopped and offered to reimburse them

He said he intended to step down from his post in July of next year, but decided it was best to do so now

Housing allowance payments to M Crennan are under investigation, as well as payment of $ 118,000 for tax advice to ASIC President James Shipton as part of moving expenses from the United States to Australia

Labor MP Andrew Leigh, Deputy Chairman of the House Economics Committee, said the government should have known something was wrong with Mr Crennan over a year ago when it was reported that he was earning more than the Chief Justice of the High Court

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

« The Treasurer has questions to answer as to 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 purposefully aim to block investigations on this sort « 

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Australian Securities and Investments Commission, Resignation, Treasury

World News – UA – ASIC Vice President Resigns Due to Lease Fees



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