Australian Securities and investments Commission Assignment
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Added on 2021-06-17
Australian Securities and investments Commission Assignment
Added on 2021-06-17
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Australian Securities and Investments Commission v Sino Australia Oil and Gas Limited (provliqapptd)Equivalent Citation: [2016] FCA 42An Analysis
Factual BackgroundThis is a case that deals with duties of directors of an Australian corporation.Sino was the holding counterpart of a Chinese corporation that transacted in drilling services for the oil and gas industry. Sino was listed with the Australian Securities Exchange and raised capital worth $13.6 million through its initial public offer.The Chairperson of Sino Mr. Tianpeng Shao attempted to transfer approximately $7.5 Million from Sino’s funds to accounts in China (which consisted of almost all of Sino’s cash reserves in Australia) in March 2014. The Australian Securities and Investment Commission construed this as an undisclosed transfer (which it was as the purpose of the same was not stated) and applied for an injunction restraining the company from making such a transfer.
Factual BackgroundThe Australian Securities and Investment Commission alleged that Sino and its chairperson were in breach of their statutory disclosure duties which warranted continuous disclosures from the company. There were further allegations relating to the director’s duty of care and diligence provided for by the act and a substantial breach of the same by the chairperson by not making continuous disclosures as prescribed by the act.
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