World News – UA – ASIC Vice-President Daniel Crennan resigns over relocation costs


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Daniel Crennan has resigned as vice chairman of the Australian Securities and Investments Commission following an investigation into relocation costs

The deputy chairman of Australia’s business regulator resigned following a spending revelation involving up to $ 70,000 in relocation costs after an audit raised concerns over payments

The Australian National Audit Office has identified irregularities in the expenses paid to M Crennan as well as payments made to ASIC President James Shipton

« I intended to leave my post in July 2021, » said M Crennan in a press release

« However, under the current circumstances, I have decided that it is in the best interests of ASIC that I resign now. I therefore submitted my resignation to the Treasurer with immediate effect »

« I think it is public that M Crennan tendered his resignation Moments ago « Finance Minister @MathiasCormann confirms the departure of ASIC vice-president following Friday’s expenditure revelation @SBSNews #auspol picTwittercom / PWGnpGzJjN

The $ 70,000 in relocation costs related to expenses paid to cover the rent on Mr. Crennan in Sydney after his relocation

Before a Senate committee last Friday, ASIC revealed that Mr. Crennan and President James Shipton had received over $ 180,000 to cover the costs of managing tax affairs and lease payments following their appointment

M Crennan said he was told the payments were in accordance with ASIC policy, but later learned of the concerns raised by the Auditor General

« I asked ASIC to stop paying me the housing allowance. I also offered and agreed to reimburse the housing allowance that ASIC paid me, » said Mr. Crennan

The Auditor General recommended that an independent review be carried out on the issues raised regarding moving payments, including those made to Mr. Crennan

« In order to ensure that the important work of ASIC is not interrupted, I will remain available to facilitate the orderly transfer of the work to my successor »

ASIC President James Shipton also stepped down after it was revealed the organization paid more than $ 118,000 for him to receive personal tax advice

M Shipton agreed to reimburse the money he received after moving to Australia from the United States to lead ASIC in 2018

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Australian Securities and Investments Commission, Resignation, Treasury, Josh Frydenberg

World News – UA – ASIC Vice-Chairman Daniel Crennan resigns on charges resettlement


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