It’s one of the most important corporate governance cases in the past 20 years, involving organised crime inside Australia’s second-biggest casino.
The Federal Court ruled last week that Star Entertainment Group’s former chief executive and its general counsel both broke the law under the Corporations Act, but remaining board members had not.
The case is a disappointment for the regulator, the Australian Securities and Investments Commission (ASIC). It had sought to use the court case to increase the responsibilities of public company directors. ASIC is yet to decide whether it will appeal.
