Ministers of State Responsible for ASIC

The following Ministers of State have had Ministerial Responsibility for ASIC in recent years.

  • Senator the Hon Nick Sherry
  • The Hon Chris Bowen MP
  • The Hon David Bradbury MP
  • The Hon Bernie Ripoll MP

The former Chairman of ASIC failed to disclose his holding of a direct pecuniary Interest in Oakridge Wines Pty Ltd as required by Section 123 of the ASIC Act 2001 to the Hon Chris Bowen MP and to the Hon David Bradbury MP (refer to FOI Treasury responses) even though it is a “sacking offence” under Section 111 of the ASIC Act 2001 to contravene Section 123.

No action was taken by either Minister Bowen or Bradbury over this misconduct by the former Chairman.

Evidence has been provided to the Hon Bernie Ripoll of ASIC Officers contravening the APS Code of Conduct and of fabricating evidence, yet the Ministers has not regarded such Misconduct in Public Office as matters of Public Interest!

Evidence has been provided of Officers of ASIC engaging in “targeted malice” against a Member of a Government Regulated Superannuation Fund who sought to obtain access to prescribed Trust Documents of his own Fund.

Evidence has been provided to the Minister of how Government Regulated Superannuation Funds are being used as a means of providing “secret Golden Handshake” payments to failed CEOs that can be hidden from the view of the financial media.

The Minister seems to regard such conduct as “Standard Operating Procedure” as far as ASIC is concerned and that failed CEOs should be rewarded at the expense of the Members of Government Regulated Superannuation Funds.

The questions posed by Australian Guardians to the Minister responsible for ASIC can be found at Question Time.

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