Wednesday, March 14, 2012

Who watches the watchdogs?

A few days ago I posted about the ACCC (our competition watchpuppy) being asleep at the wheel over the control the big two retailers have over our economy.

It also applies to another of our alleged watchdogs - bodies established to protect our interests - the Australian Securities & Investments Commission.

Our richest person, Gina Rinehart's, billion-dollar resources company hasn't filed annual accounts for the past two years. The Corporations Act states that a company is required to lodge annual accounts within four months of the end of the financial year.

The report in Sydney Morning Herald gives us the responses from both the company and the ASIC...and you'll never guess:

A spokesman for Mrs Rinehart said the company had no comment.

A spokesman for the Australian Securities & Investments Commission said it declined to comment on specific companies.

What do we pay these people for?

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