Powered by MOMENTUM MEDIA
subscribe to our newsletter

Liquidator appointed to boutique investment bank

ASIC has successfully applied to the Federal Court of Australia for a liquidator to be appointed for ASX-listed boutique investment bank Sino Strategic International.

Michael Basedow of Pitcher Partners has been appointed as the liquidator of ASX-listed Sino Strategic International following an application by ASIC.

The appointment follows an investigation by ASIC after it was concerned the boutique investment bank had been involved in “multiple contraventions” of the Corporations Act and it was not “complying with its obligations” under the legislation.

According to the regulator, the affairs of Sino Strategic have not been “properly managed for some time” and the assets of the company were “at risk”.

Commenting on the action, ASIC commissioner John Price said the regulator is targeting poor corporate culture and poor governance practices in listed companies.

Advertisement
Advertisement

PROMOTED CONTENT


“Failure to report to members and file accounts is unacceptable. ASIC will seek to wind up companies that disregard important legal obligations which exist to protect investors,” he said.

In November 2014, Sino Strategic was convicted and fined $18,000 for failing to hold annual general meetings and lodge financial reports with ASIC.

Sino Strategic is the Australian holding company of a Chinese subsidiary company that operates a licensed gaming business in Shanghai.

Liquidator appointed to boutique investment bank
mortgagebusiness

Latest News

Providing more efficient loan approvals is “within the control of the lenders” and does not require changes to the law, according to Mon...

The chief executive of CBA has called for more regulation for the buy now, pay later market, outlining that some players have now outgrown ...

NAB chief executive Ross McEwan has urged state governments to speed up the development of land for residential construction to ease pressu...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Citi’s exit and bank turnaround time disparities

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.