I’m not into the whole conspiracy theorist stuff, but the fact is - laws are only made directly and indirectly by people with money. That’;s all the info needed to see the bias. And that won’t change, because we are no longer at at stage in society where we’re all going to ‘rise up against the machine’ and take control or hold people to task. it is what it is, and we have to live around it. The solution is so far away from us, it is invisible.
Fined $4.5m eh?
I have been.
I’ve also been an employee of a liquidated company. I’m damn sure my super, leave and long service entitlements would have been better in my hands than those of the cuntish directors who pilfered all they could in the two months leading to the demise of the company.
He was a crooked ■■■■ at the AFL, he’s a crooked ■■■■ in business.
It is amazing how many people either missed or were not paying attention to the business ethics component of their mba.
Ethics are for losers, man.
There’s actually video of vlad getting examined in his business ethics subject
Candidate for post of the year. Bravo.
You obviously weren’t a shareholder or creditor. These blokes ■■■■■■ up a lot of lives and shows what the corporate world think of “ordinary Australians” - couldn’t give a ■■■■!
From what I have read it seems AD was acting as a director even if not technically named as a director. This would mean he could be classified as a shadow director and therefore have the same responsibilities as an ordinary director. Even as a shadow director his actions are definitely very questionable. At the time the bonus paid was the company able to pay all its debt as and when they fell due? If not there is a big argument it trading whilst insolvent. Directors have a duty of care to ensure this isn’t happening and it’s a criminal offence to trade whilst insolvent - the reason John Elliott went inside.
The fact that the house of cards came tumbling down shortly after this bonus was paid tends to suggest that company’s solvency was definitely in question and that the payment probably should not have been made at that time. He may have a defence justifying why the bonus was paid but is unlikely to hold up if it’s established that he’s a shadow director - even if it was paid as per the terms of his employment contract.
Also your argument that he falls in line with other unsecured creditors is not necessarily true if the argument that he’s a shadow director holds true. In a liquidation a director (and their close relatives) have their outstanding entitlements paid out at a limited amount as an excluded employee.
How the hell did this amoral, corrupt, fatfuck ever condemn us for poor oversight and governance?
The sooner we abolish private schools the sooner these kind of bullshit scams and schemes end.
And while I’m at it can we lock up anyone who uses the term “lads” with a straight face?
The Australian should do a podcast & title it ‘Who the Hell is Andy?’
Australia is a haven for white-collar crims. I have been investing/trading on the ASX fairly heavily for a long time now. Some of the dodgy stories I could share with you about what goes on & the responses (or lack there of) from the toothless ASIC tiger would astound you.
Acquire basically ran a boiler room op. Highly illegal. Feel sorry for the victims in this debacle. Andy, through his association with this dodgy firm, is nothing but a pig searching for the next trough to feed from.
And even when the crims get caught the punishments are laughable and would unlikely surpass their annual costs associated with printing (and shredding)
Is it Germany that has a one strike and you’re out rule regarding white collar crimes? or is that in relation to bankruptcies?
I am unfamiliar with The German Stock Corporation Act (Aktiengesetz), so can’t speak to that. But, you are correct in saying that sentencing for white collar crime is too lenient in Australia (compared with say the U.S.). It’s even worse in Japan.
I followed the Olympus scandal here with close interest and have read the former CEO Michael Woodford’s book ‘Exposure’ on the scandal. Kikukawa, the board chairman, was involved in hiding USD$1.5 billion in losses and secret payments to dodgy outsiders (speculated as being linked to the Yakuza). Woodford discovered the losses upon promotion to CEO and was sacked when he blew the whistle. The worst corporate scandal in Japanese history. Kikukawa was given 2-3 years prison, but this was suspended for 5 years. Given his advanced age, I am not sure that he has even served a single day.
You can basically count on one hand the Aussie directors who have done jail time. Other than Rodney Adler and Ray Williams I am struggling to think of any. I have seen so many crooks who should have done time. Something I always find amazing is how many of these dodgy companies have high profile individuals on their boards, ie former politicians or prominent business person. These people clearly aren’t doing their directors duties and for the company its basically an attempt to legimatise the business in my view.
The “Who the Hell is Hamish” podcast just shows how easy it is to rip people off in Australia and avoid jail.
But if you could have got your money, you would have, right?
Super isn’t looked after by the government gal back provisions. So only if there is sufficient funds in the wind up is super caught up.
My German colleague told me the penalty for taking bribes in Germany is ten times the amount of the bribe (plus jail time).
Still less harsh than some previous punishments for running foul of the German government
The US having their DAs elected may help a touch, mind you there weren’t many put behind bars in the wake of the GFC which is probably the most egregious example of white collar crime going unpunished
By going and beating the ■■■■ out of the cubes that ripped off dozens of workers to line their own pockets from the business that they ran in to the ground on an unsustainable model? Just like uncle Andy?
Were it legal to do so, yes. Without hesitation.
Edit: cubes. I like that autocorrect.
For the record: ■■■■■