From the AFR:
Top investors and superannuation funds warn they will take a zero-tolerance approach to corruption by public companies, as the corporate regulator prepares to re-open investigations to take in new claims of intended bribery and sanctions breaking by a Reserve Bank of Australia subsidiary in Iraq.
The Australian Securities and Investments Commission went on the front foot on Monday, publicly maintaining that “the public can be completely and utterly confident in ASIC’s” decision to close the case.
But, on Tuesday night, it issued a clarification revealing that those investigations revolved around allegations in Indonesia, Malaysia, Vietnam and Nepal but not the latest accusations involving Saddam Hussein’s regime in Iraq. “The Iraq bribery allegations will be considered but it must be stressed that a six-year statute of limitations applies to civil penalty cases,” ASIC said.
Despite the embarrassing backdown by ASIC, Assistant Treasurer Arthur Sinodinos stood by the regulator.
“A Senate committee is currently reviewing ASIC’s capacity to fulfil its statutory responsibilities. The government will consider the findings of the committee when it hands down its report next year,” Senator Sinodinos said.
Call a Royal Commission for heaven’s sake. Does the Government want to be sucked into the same perception of boys club corruption?
