CONFLICT OF INTERESTS – AUSTRALIA

‘I was not in breach’: Peter Dutton releases new legal advice on eligibility to be MP

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Original article by Latika Bourke
The Age – Page: Online : 24-Aug-18

Former Home Affairs Minister Peter Dutton has used social media to publish legal advice which suggests that his beneficial interest in several child care centres is not in breach of the Constitution. Dutton said he was advised by former solicitor-general David Bennett that he is eligible to be in parliament, and noted that Guy Reynolds SC has also previously advised that he is not in breach of section 44 of Constitution. Bennett has also provided Prime Minister Malcolm Turnbull with advice regarding section 44 in the past.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. OFFICE OF THE SOLICITOR-GENERAL, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, LIBERAL PARTY OF AUSTRALIA, ONE NATION PARTY

Macquarie exits trailing commissions

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Original article by James Kirby
The Australian – Page: 22 : 4-Jul-18

Macquarie Group’s decision to scrap trailing commissions for financial advisers has been welcomed by Bernie Ripoli, who played a key role in the Future of Financial Advice reforms. However, so-called grandfathered commissions are still widely used in the financial services sector four years after the FoFA reforms. There is speculation that the banking royal commission will recommend the abolition of trailing commissions. Ripoli says other banks could potentially opt to voluntarily scrap them.

CORPORATES
MACQUARIE GROUP LIMITED – ASX MQG, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, BT FINANCIAL GROUP PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, AMP LIMITED – ASX AMP, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, SAS GROUP CONSULTING

CBA looks at selling advice firms

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Original article by James Eyers
The Australian Financial Review – Page: 13 : 24-Apr-18

The Commonwealth Bank is said to be reviewing its ownership of the Count Financial and Financial Wisdom financial planning groups. An announcement on a possible sale of the two groups could be made in the second half of 2018. The banking royal commission’s revelations have prompted banks to consider their ownership of financial planning groups, amid concern about the potential for conflicts of interests. The CBA paid $A373 million for Count Financial in 2011, while it assumed ownership of Financial Wisdom when it acquired the Colonial Group in 2000.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, COUNT FINANCIAL LIMITED, FINANCIAL WISDOM LIMITED, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, COLONIAL GROUP, UBS HOLDINGS PTY LTD, SHAW AND PARTNERS LIMITED

Court orders investigation into Ten administrators

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Original article by Patrick Durkin
The Australian Financial Review – Page: 16 : 19-Jul-17

The Federal Court has appointed insolvency firm Ferrier Hodgson to conduct an independent review of the fees paid by Ten Network to KordaMentha in the months prior to the TV broadcaster’s collapse. The move follows concerns that KordaMentha may have a conflict of interests in its role as administrator of Ten, given that co-founder Mark Korda had been acting as an adviser to Ten’s board since late February.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, FERRIER HODGSON AND COMPANY, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, GILBERT AND TOBIN LAWYERS, ARNOLD BLOCH LEIBLER, WIN CORPORATION PTY LTD

ASIC questions Korda’s Ten role

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Original article by Ben Butler
The Australian – Page: 19 : 18-Jul-17

The independence of KordaMentha as administrator of the Ten Network has come under scrutiny by the Australian Securities & Investments Commission and the Australian Restructuring Insolvency & Turnaround Association. The issue centres on KordaMentha’s role as an adviser to Ten prior to its collapse. ASIC and KordaMentha have supported a proposal for Peter Gothard of Ferrier Hodgson to undertake an independent investigation into whether the fees received by KordaMentha constituted a preference payment.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN RESTRUCTURING INSOLVENCY AND TURNAROUND ASSOCIATION, FERRIER HODGSON AND COMPANY, FEDERAL COURT OF AUSTRALIA, GILBERT AND TOBIN LAWYERS, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BIRKETU PTY LTD, ILLYRIA PTY LTD, ATANASKOVIC HARTNELL CORPORATE SERVICES PTY LTD

Super bodies want wider ban on commissions

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Original article by Alice Uribe
The Australian Financial Review – Page: 17 : 27-Jun-17

The Department of the Treasury is conducting a review of Australia’s Future of Financial Advice regime. The Australian Institute of Superannuation Trustees and Industry Super Australia have used a joint submission to call for the ban on up-front and trailing commissions for life insurance sold within superannuation to be extended to all life insurance sales. They contend that commission-based remuneration structures serve to put the interests of financial planners ahead of their clients.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN INSTITUTE OF SUPERANNUATION TRUSTEES, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

KordaMentha’s Ten role raises conflict issues

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Original article by Damon Kitney
The Australian – Page: 18 : 19-Jun-17

The appointment of Korda­Mentha as administrator of Ten Network is under scrutiny, as the insolvency firm has been acting as an adviser to the free-to-air broadcaster since early 2017. This may breach rules which prohibit an insolvency practitioner from becoming administrator to a company they have had a professional relationship with in the previous two years. The issue is expected to be examined by the Australian Restructuring Insolvency & Turnaround Association.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, AUSTRALIAN RESTRUCTURING INSOLVENCY AND TURNAROUND ASSOCIATION, CBS CORPORATION, 21ST CENTURY FOX INCORPORATED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

PM queried Robb’s China role

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Original article by Primrose Riordan
The Australian – Page: 5 : 16-Jun-17

Former Trade Minister Andrew Robb is said to have taken on a consulting role with Chinese firm Landbridge on 1 July 2016, the day before the federal election. With a recent television program having raised concerns over Chinese influence in Australia, Deputy Prime Minister Barnaby Joyce claimed that "questions" need to be asked about the timing of Robb’s appointment. Prime Minister Malcolm Turnbull says Robb had assured Martin Parkinson, the head of Turnbull’s department, that he had not breached any ministerial standards in taking on the role with Landbridge.

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, LANDBRIDGE GROUP COMPANY LIMITED, AUSTRALIAN LABOR PARTY, AUSTRADE, AUSTRALIA CHINA BUSINESS COUNCIL, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN BROADCASTING CORPORATION, FAIRFAX MEDIA LIMITED – ASX FXJ

GetUp! to pay for journalist’s tax expose

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Original article by Darren Davidson
The Australian – Page: 5 : 9-Jun-17

It has been revealed that activist group GetUp is helping to finance an investigation by journalist Michael West into alleged tax avoidance by large multinationals. GetUp’s deputy chair Carla McGrath was recently appointed to the Australia Press Council’s board, a decision that has caused some controversy and prompted News Corp’s newspapers to boycott any Council hearings in which she participates. Concerns have been raised that McGrath may be involved in hearing complaints against companies that West is investigating.

CORPORATES
GETUP LIMITED, AUSTRALIAN PRESS COUNCIL, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, ESSENTIAL MEDIA COMMUNICATIONS PTY LTD, UNIVERSITY OF TECHNOLOGY, SYDNEY

GetUp! and go, Xenophon tells APC’s McGrath

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Original article by Mitchell Bingemann
The Australian – Page: 10 : 7-Jun-17

Independent senator Nick Xenophon says the Australian Press Council’s independence has been undermined by the appointment of GetUp chair Carla McGrath to its board. He says McGrath should resign, as she cannot be a board member of both the APC and the political activist group. The APC has responded to a boycott of its rulings by leading newspapers by issuing a statement in which it stresses that McGrath will not adjudicate any complaints against publishers in which there is the potential for a conflict of interests.

CORPORATES
AUSTRALIAN PRESS COUNCIL, GETUP LIMITED, NICK XENOPHON TEAM, MEDIA, ENTERTAINMENT AND ARTS ALLIANCE, AUSTRALIAN BROADCASTING CORPORATION, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, DAILY MAIL AUSTRALIA