Saturday, February 8, 2025 1:00 PM
Image aggregated from The Sydney Morning Herald.
As Star Entertainment is rapidly running out of both cash and options for survival, the corporate legal battle of the decade begins on Monday to determine whether Star’s previous board should have known earlier about the scandals that have torched more than $4 billion worth of shareholder funds.
Justice Michael Lee – after a one-year delay thanks to the Bruce Lehrmann defamation trial – will preside over Federal Court civil proceedings between the Australian Securities and Investments Commission (ASIC) and 10 former Star board members and executives for breaching their duty to act with care and diligence.
ASIC has accused them of not paying sufficient attention to the risks of money laundering and criminal association that have unravelled the casino operator. There could be profound implications for corporate Australia, pertaining to how much trust directors can place in management assurances that a business is running well.
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