ASIC TO LOOK INTO STUART ROBERT

Labor welcomes confirmation by the Australian Securities and Investments Commission that it will make a new series of inquiries into Stuart Robert’s directorships.

 

The inquiry follows media reports that Mr Robert’s resignation as a director of Cryo Australia only occurred after media inquiries, rather than testimony he gave parliament, and examine whether he was in breach of the Corporations Act.

  

The public deserve to know that everything has been done to ensure that he has done no wrong, particularly since the allegations surrounding his involvement as a director of companies would fall under his responsibilities as the Government Minister in charge of monitoring companies and their directors.

 

It was also concerning to learn overnight that the system cited as the single most effective measure to crack down on illegal phoenix activity – the Director Identification Number – may not be implemented for years.

 

Labor has been calling for action on this for 16 months yet overnight Treasury could not provide a timeframe for implementing the system, and conceded that it could take “a couple of years”.

 

We are concerned that the Government and Treasury have “not formed a view yet” on what minimum identity verification is required, if at all.

 

For the sake of Australia’s taxpayers, workers and honest businesses, Mr Robert and his government colleagues must implement a director identification number sooner rather than later.