The Parliamentary Secretary to the Treasurer, Senator Ian Campbell, today congratulated the Australian Securities and Investments Commission on 93 prosecutions secured during a new campaign linked to liquidations.
In the past five months ASIC prosecuted 89 individuals and four companies for breaches of their duties and obligations under the Corporations Act. Those prosecuted have been required to pay a total of almost $120,000 in fines and costs.
The campaign, which started in July, aims to help liquidators obtain the required level of cooperation from management and directors of failed companies to maximise the return to creditors.
"The prosecutions again demonstrate the regulator's high activity levels and effectiveness," Senator Campbell said.
"ASIC's capacity to undertake the new work is a direct result of the increased funding of $90.8 million over four years announced in the last Budget.
"The extra funding has ensured ASIC has the investigative reach it requires.
"Last year 19 corporate criminals were jailed for a maximum of almost 75 years. These latest prosecutions demonstrate the extent of that reach."
CANBERRA
21 November 2001
Contact: Wayne Grant 02 6277 3955 or 0407 845280