Australia's corporate watchdog deputy chair resigns amid expenses scandal

26 Octobre, 2020, 08:35 | Auteur: Auguste Feret
  • Daniel Crennan received a rental allowance of around A$70,000 when he relocated from Melbourne to Sydney after he took the deputy chair job in 2018

It comes after an audit discovered Crennan had charged $70,000 for housing when relocating from Melbourne to Sydney.

ASIC chair James Shipton has stood aside while a proper investigation is completed.

Mr Crennan said he had agreed to a request by Mr Shipton to move to Sydney in October 2018, and ASIC had agreed to pay him a relocation package which included a rental allowance.

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ASIC regulates activity within Australia's integrated corporate, markets, financial services and consumer credit sectors.

The deputy chair of Australia's corporate regulator has quit over an expenses revelation involving up to $70,000 in relocation costs after an audit raised concerns over the payments.

"I was told the payment of this allowance was consistent with ASIC policy", Mr Crennan added. On Monday, he released a statement revealing he would resign as a result. "However, in the current circumstances, I have decided that it is in the best interests of ASIC for me to resign now", Crennan said.

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Mr Crennan released a statement on Monday morning saying he had meant to retire from his position in July 2021. That means I need to act in the best interests of ASIC and its vital objective to build a fair, honest and efficient financial system for all Australians. "I wish the new Commissioner every future success as he or she continues the critical work that ASIC is assigned to undertake".

Mr Shipton was granted nearly A$118,000 for tax advice performed by KPMG related to his relocation from the United States, also in 2018.

An investigation into the accounts will now take place, with Mr Shipton stepping aside during the course of the investigation.

Like Crennan, Shipton also agreed to "voluntarily reimburse" the charges.

"Whilst I believe that I have acted properly and appropriately in this matter, I hold myself to the highest possible standard", Shipton said on Friday, stating both he and ASIC accept all the findings of the ANAO review.

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