ASIC bans former mining magnate Tinkler from managing companies
PERTH (miningweekly.com) – The Australian Securities and Investment Commission (ASIC) has banned former coal mining entrepreneur Nathan Tinkler and two of his associates from managing companies for up to four years, with the watchdog citing failures in their duties as directors.
The former billionaire's three-years-and-nine-months disqualification follows the appointment of liquidators to 11 companies he managed, with reports from the liquidators suggesting that Tinkler and his associates, Donna Dennis and Troy Palmer, had failed to prevent the companies from trading while insolvent, failed to ensure the companies paid their taxes, failed to discharge their duties as a directors, and allowed one of the companies to deliberately operate at a loss.
The companies included Mulsanne Resources, which went into liquidation in 2012, and base metals company Aston Minerals, that was placed in receivership in 2013.
Tinkler and Palmer were each disqualified from managing companies for three years and nine months, effective from May 18, 2017 and May 12 respectively. Dennis has been disqualified from managing corporations for three years, effective from May 22, 2017.
ASIC Commissioner John Price said on Wednesday that the disqualifications imposed on these directors should highlight the consequences that could follow when companies were poorly managed.
“ASIC will seek to hold company directors accountable if they systemically fail to discharge their obligations when managing companies,” he said.
Tinkler was declared bankrupt in early 2016, and stepped aside as MD and CEO of ASX-listed Australian Pacific Coal, which owns the Dartbrook mine, in New South Wales.
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