The court found that on a number of occasions between March 8 and April 27 in 2016 Helou and Hingle "failed to disclose that there was likely to be a material decrease in Murray Goulburn's earnings guidance" for the that financial year.
Justice Jonathan Beach said the nature of these small companies meant there was no risk to shareholders, creditors, employees or the public if Helou was allowed to manage them.Both men must give up their roles at these companies if they become publicly listed during the period of their bans.The first ASIC proceeding sought declarations that Murry Goulburn had broken the law and fines, while this matter targeted Helou and Hingle directly.
The Australian Competition and Consumer Commission's action against Murray Goulburn, Helou and Hingle resulted in a
Source: Law Daily Report (lawdailyreport.net)
Too bad they weren’t punished.
Good result. This issue is common. If you hide that forecasts won’t be met instead of stating it, you should be held accountable.
Terrific idea wasn't it to privatize/corporatise all those dairyfarmer coops?