GOVERNMENTAL INVESTIGATIONS – AUSTRALIA

Heydon gives unions four days

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Original article by Ewin Hannan, Phillip Coorey, Lucille Keen
The Australian Financial Review – Page: 1 : 18-Aug-15

Prime Minister Tony Abbott has defended the integrity of Justice Dyson Heydon, head of the Royal Commission into Trade Union Governance & Corruption, who is at the centre of a political brawl for agreeing to speak at a Liberal Party dinner. Abbott accused the Australian Labor Party and the trade unions of trying to smear the former High Court judge to distract attention from the findings of the royal commission. Justice Heydon has said he overlooked the Liberal Party link with the dinner when agreeing to be guest speaker.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, OXFORD UNIVERSITY, THE RHODES TRUST, UNIVERSITY OF SYDNEY

ATO eyes Gorgon’s tax-free profits

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Original article by Neil Chenoweth
The Australian Financial Review – Page: 1&8 : 17-Aug-15

The Australian Taxation Office (ATO) is investigating tax arrangements of the companies involved in the Gorgon natural gas project. The ATO is concerned that the interest on loans provided by Chevron, ExxonMobil and Shell to their Australian arms is more than 10 times higher than the interest rate charged by third-party lenders in the US. The matter is also being investigated by the Senate inquiry into corporate tax avoidance, chaired by Senator Sam Dastyari, which will file an interim report in Parliament on 17 August 2015.

CORPORATES
AUSTRALIAN TAXATION OFFICE, CHEVRON CORPORATION, EXXONMOBIL CORPORATION, ROYAL DUTCH SHELL PLC, CONSOLIDATED PRESS HOLDINGS LIMITED, FEDERAL COURT OF AUSTRALIA

Senator urges crackdown on pushy SMSF spruikers

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Original article by Sally Rose
The Australian Financial Review – Page: 8 : 13-Aug-15

Senator John Williams, a member of the parliamentary committee on corporations and financial services, wants regulators to crack down on real estate agents who urge people to set up self-managed superannuation funds so they can borrow to buy investment properties. Williams will tell the Australian Securities & Investments Commission that the practice is dangerous and that real estate agents are not licenced to provide such advice.

CORPORATES
AUSTRALIA. JOINT STATUTORY COMMITTEE ON CORPORATIONS AND FINANCIAL SERVICES, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AMP LIMITED – ASX AMP, ELSTON PORTFOLIOS PTY LTD, FINDEX AUSTRALIA PTY LTD, FEDERAL COURT OF AUSTRALIA, 21ST CENTURY GROUP PTY LTD

Coalition to put ABCC bill to a Senate vote

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Original article by Ewin Hannan
The Australian Financial Review – Page: 5 : 11-Aug-15

Legislation to re-establish the Australian Building and Construction Commission will be put to the Senate following damaging allegations in the trade union royal commission. Employment Minister Eric Abetz says the activities of the Construction, Forestry, Mining & Energy Union confirm the need for an industry watchdog. The bill requires the support of six of the eight crossbench senators.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN LABOR PARTY, MASTER BUILDERS AUSTRALIA INCORPORATED, ACTU

Taxpayers funded action to block Adani

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Original article by Mark Ludlow
The Australian Financial Review – Page: 5 : 10-Aug-15

A parliamentary inquiry into the tax deductibility status of environmental groups has found that government funds are often used to finance court actions against mining companies. A recent court case involving the Mackay Conservation Group and Indian energy company Adani has attracted the inquiry’s attention to the issue of transparency at environmental groups. Mackay Conservation Group co-ordinator Ellen Roberts said in early August 2015 that only donations were used to fund the case against Adani.

CORPORATES
FEDERAL COURT OF AUSTRALIA, ADANI MINING PTY LTD, MACKAY CONSERVATION GROUP INCORPORATED, LIBERAL-NATIONAL PARTY OF QUEENSLAND, ENVIRONMENTAL DEFENDER’S OFFICE (NSW) LIMITED, TARKINE NATIONAL COALITION INCORPORATED, AUSTRALIAN LABOR PARTY

Payments linked to union

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Original article by Ewin Hannan
The Australian Financial Review – Page: 4 : 14-Jul-15

The Royal Commission into Trade Union Corruption & Governance has heard allegations of bribery involving the Construction, Forestry, Mining & Energy Union (CFMEU). A Canberra-based contractor claims that he made cash payments in excess of $A135,000 to a former union organiser, Halafihi Kivalu, in return for securing work on a residential project. He was told that the CFMEU would shut down the site if he failed to make further payments. A second contractor has also claimed to have made cash payments to Kivalu.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, CLASS 1 FORM PTY LTD

Shorten warned to stop dodging questions

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Original article by Ewin Hannan
The Australian Financial Review – Page: 1 & 4 : 10-Jul-15

Federal Opposition Leader Bill Shorten fronted the Royal Commission Into Trade Union Governance & Corruption for a second day on 9 July 2015. Shorten was questioned about Thiess John Holland’s payment of $A300,000 to the Australian Workers’ Union during his tenure as national secretary. He told the commission that he could not recollect discussing the deal, and rejected suggestions that the union had issued fake invoices to the builder in return for the payments.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, THIESS JOHN HOLLAND, ACI, HUNTSMAN CHEMICAL COMPANY AUSTRALIA PTY LTD, CHIQUITA MUSHROOMS PTY LTD

IOOF pays out compensation to 57 clients

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Original article by Adele Ferguson, Sarah Danckert
The Australian Financial Review – Page: 14 : 7-Jul-15

IOOF CEO Chris Kelaher will appear before a Senate committee on 7 July 2015 to answer questions over allegations of misconduct at the financial services group. Meanwhile, IOOF has indicated that 57 clients have been paid a total of $A2.8m in compensation since mid-2013, after lodging complaints about its financial planners. A number of IOOF’s authorised financial planners have also been banned from working in the sector during the last decade.

CORPORATES
IOOF HOLDINGS LIMITED – ASX IFL, AUSTRALIAN WEALTH MANAGEMENT LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, CONSULTUM FINANCIAL ADVISERS PTY LTD, MFS PREMIUM INCOME FUND, MY ADVISER PTY LTD, BRIDGES FINANCIAL SERVICES PTY LTD, PLAN B FINANCIAL SERVICES LIMITED, LONSDALE FINANCIAL GROUP LIMITED, ORD MINNETT GROUP LIMITED, THE WEALTH MANAGERS

Greens push for probe into finance scandals

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Original article by Adele Ferguson
The Australian Financial Review – Page: 16 : 24-Jun-15

The Federal Government and the Opposition will not support the Australian Greens’ motion for a royal commission into misconduct in the financial services industry. Liberal Democratic Party senator David Leyonhjelm and Family First Party senator Bob Day also oppose a royal commission, although independent senator Nick Xenophon and the National Party’s John Williams will support the motion. IOOF is the latest financial group to embroiled by claims of misconduct.

CORPORATES
AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY, LIBERAL DEMOCRATIC PARTY, FAMILY FIRST PARTY AUSTRALIA LIMITED, NATIONAL PARTY OF AUSTRALIA, IOOF HOLDINGS LIMITED – ASX IFL, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, MACQUARIE PRIVATE WEALTH MANAGEMENT PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Big miners spook Abbott

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Original article by Phillip Coorey, Julie-anne Sprague, Mark Ludlow
The Australian Financial Review – Page: 1 & 4 : 20-May-15

Fortescue Metals Group chairman Andrew Forrest says the Australian Government should proceed with a parliamentary inquiry into the iron ore industry. He notes that lower prices for the steel input affects government revenue, and he says the Government should not yield to pressure from BHP Billiton and Rio Tinto. The two big miners have criticised proposals for a federal inquiry, while Prime Minister Tony Abbott has moderated his position on the issue, after previously supporting such an inquiry.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF INDUSTRY AND SCIENCE, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION