Justice Lee swipes ASIC for ‘light touch’ deals as former Star execs get bans and fines
The Federal Court judge said former CEO Matt Bekier and chief lawyer Paula Martin would have faced harsher penalties if not for deals ASIC struck with other executives.
Federal Court judge Michael Lee took a swipe at ASIC over the penalties the corporate regulator agreed with former Star Entertainment executives as he sentenced its former CEO Mat Bekier and chief lawyer Paula Martin today.
Justice Lee banned Bekier from managing a corporation for six years and fined him $700,000 over breaches of corporate duties linked to money-laundering risks — especially in relation to Asian junket operators.
Martin did not oppose a seven-year disqualification proposed by ASIC, and was also fined $400,000.
Lee also ordered both to jointly pay 45% of ASIC”s costs — a sum that should exceed the fines.
