High drama! Defensive ASIC scrambles to deflect tough questions of corruption in Senate hearing

5 Jun 2024
In the 4 June 2024 Senate Estimates hearing of the Economics Committee, corporate regulator ASIC (Australian Securities and Investments Commission), sought to deflect from One Nation Senator Malcolm Roberts' pointed questions regarding an investigation of corporate fraud by a bullion company, in response to Senator Roberts noting that ASIC commissioners have been referred to the National Anti Corruption Commission (NACC).
In a move seemingly pre-arranged with the government Senator chairing the hearing, and the goverment Minister in attendance, ASIC read a lengthy statement that sought to disparage the reputation of the unnamed person behind the complaint of corporate fraud and the referral to the NACC.
ASIC's defensive behaviour indicates a level of internal turmoil inside the dysfunctional regulator which is unprecedented, likely from the intense scrutiny it has been under in recent years due to its systemic failures relating to its lack of law enforcement.