Sorry rugby chiefs pay Folau millions

Original article by Remy Varga
The Australian – Page: 1 & 7 : 5-Dec-19

Rugby Australia has agreed to a confidential settlement with sacked player Israel Folau, who had been seeking $14m in compensation. He is expected to be paid several million dollars to settle the dispute, with Rugby Australia issuing an apology for any hurt or harm caused to Folau and his wife. Folau in turn has used a joint statement to apologise for any hurt or harm his social media comments had caused. The Australian Christian Lobby has advised that people who donated money for Folau’s legal defence will be entitled to a pro-rata refund.

CORPORATES
RUGBY AUSTRALIA, AUSTRALIAN CHRISTIAN LOBBY

Guthrie’s pay day: $1.64m to go away

Original article by Lilly Vitorovich, Zoe Samios
The Australian – Page: 3 : 7-Mar-19

The ABC’s acting David Anderson has told a Senate committee that former MD Michelle Guthrie was paid $730,000 gross to settle her adverse action claim. He said the public broadcaster agreed to a confidential settlement after legal advice suggested that it could have incurred costs of up to $2m if the case had gone to court. Labor and the Community & Public Sector Union have criticised the size of the payout. Guthrie also received a $911,117 severance package following her dismissal in September.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN LABOR PARTY, COMMUNITY AND PUBLIC SECTOR UNION, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, ABC ALUMNI

ABC paid Michelle Guthrie $500,000 to drop lawsuit

Original article by Aaron Patrick
The Australian Financial Review – Page: 6 : 5-Mar-19

Sources have indicated that investment banker and former ABC director Simon Mordant helped to negotiate a settlement with former MD Michelle Guthrie. Mordant has declined to comment on claims that he was asked to intervene in Guthrie’s dispute with the public broadcaster over her sacking in September. The settlement is said to include a payment of around $500,000 to discontinue her unfair dismissal claim, as well as a ‘nondisparagement clause’ that prevents all parties to the case from discussing the matter in the media.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, SEVEN WEST MEDIA LIMITED – ASX SWM

ABC rebuked over settlement

Original article by Jennifer Duke
The Age – Page: 12 : 4-Mar-19

Communications Minister Mitch Fifield says the federal government has been given no details of the ABC’s confidential settlement with former MD Michelle Guthrie. A spokesman for Fifield says the government would prefer complete transparency regarding any portion of the settlement that will be funded by taxpayers. The Australia Institute, the Institute of Public Affairs and advocacy group ABC Alumni have also urged transparency, but a spokesman for shadow communications minister Michelle Rowland has indicated that it is a matter for the ABC.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, THE AUSTRALIA INSTITUTE LIMITED, INSTITUTE OF PUBLIC AFFAIRS LIMITED, ABC ALUMNI, ABC AND FRIENDS, AUSTRALIAN LABOR PARTY

BHP acts on Singapore loophole

Original article by Paul Garvey
The Australian – Page: 21 : 21-Nov-18

The case for abolishing BHP’s dual-listed structure has strengthened after the resources group agreed to transfer full ownership of its Singapore trading hub to its Australian division. BHP will do so as part of a settlement with the Australian Taxation Office regarding the payment of back taxes associated with the trading hub. The settlement is likely to significantly reduce the cost to BHP of reverting to a single primary listing on the Australian sharemarket.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, AUSTRALIAN TAXATION OFFICE, RIO TINTO LIMITED – ASX RIO, GLENCORE PLC, SHAW AND PARTNERS LIMITED, ELLIOTT MANAGEMENT CORPORATION, TAX JUSTICE NETWORK

BHP to pay $529m bill after taxman wins trading hub case

Original article by Paul Garvey
The Australian – Page: 17 & 20 : 20-Nov-18

BHP Billiton has agreed to pay $529 million in back taxes as part of a settlement with the Australian Taxation Office concerning its Singapore trading hub. There had been claims that BHP was using the hub to reduce its tax payments in Australia, with the settlement relating to its earnings between 2013 and 2018. Previously, 42 per cent of the hub had been owned by BHP’s UK arm, but its Australian arm will now assume 100 per cent ownership. BHP CFO Peter Beaven said he is pleased that the issue has been resolved, while he noted that BHP had already paid over $75 billion in Australian taxes and royalties between 2013 and 2018.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, AUSTRALIAN TAXATION OFFICE, RIO TINTO LIMITED – ASX RIO, GLENCORE PLC

CBA accepts undertaking over BBSW

Original article by Jonathan Shapiro
The Australian Financial Review – Page: 19 : 12-Jul-18

The Australian Securities & Investment Commission has advised that the Commonwealth Bank of Australia has agreed to an enforceable undertaking with regard to the bank bill swap rate. CBA will pay $25m in fines and costs to settle ASIC’s case over allegations that the bank manipulated the BBSW. National Australia Bank and the ANZ Bank both agreed to pay $50m in total to settle their BBSW cases.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, FEDERAL COURT OF AUSTRALIA

CBA cops record $700m hit

Original article by Michael Roddan, Pamela Williams
The Australian – Page: 1 & 2 : 5-Jun-18

The Commonwealth Bank of Australia has admitted to 53,750 breaches of the nation’s anti-money-laundering and counter-terrorism financing laws. CBA has agreed to pay a record fine of $A700m after reaching a settlement with Austrac. The civil penalty equates to about seven per cent of the bank’s profit for fiscal 2017. ­Austrac CEO Nicole Rose says the fine is "appropriate", while she adds that CBA needs to revamp its compliance systems more quickly than the five-year timeframe it has outlined. She has also warned that organised crime gangs are still actively targeting Australian banks.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIAN LABOR PARTY, REGAL FUNDS MANAGEMENT PTY LTD, CLSA AUSTRALIA PTY LTD, FEDERAL COURT OF AUSTRALIA

CBA falls as legal costs take toll on profit

Original article by Michael Roddan
The Australian – Page: 19 & 24 : 10-May-18

The Commonwealth Bank of Australia has posted an underlying cash net profit of $A2.35bn for the March quarter, which is nine per cent lower than previously. CBA has advised of an increase in home loan, personal loan and credit card arrears during the period, while its expenses rose by three per cent. Meanwhile, CBA has agreed to pay fines totalling $A25m to settle allegations that it manipulated the bank bill swap rate.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, WESTPAC BANKING CORPORATION – ASX WBC, DIGITAL FINANCE ANALYTICS, FEDERAL COURT OF AUSTRALIA

Westpac takes on ASIC alone over rate rigging

Original article by James Frost, Patrick Durkin
The Australian Financial Review – Page: 1 & 6 : 31-Oct-17

Westpac has elected to let the courts decide whether allegations of rigging the bank bill swap rate have any foundation. National Australia Bank and the ANZ, which were also alleged by the Australian Securities & Investments Commission of rigging the BBSW, have agreed to a settlement over the issue. The case against Westpac will begin in the Federal Court on 31 October, with the case likely to run until the end of the year.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA