The corporate regulator has been accused by all major political parties of obstructing parliamentary investigations into how it polices the nation’s businesses and could be forced to hand over previously secret documents to the Senate.
In an unusual move, Coalition, Labor and Greens senators claimed the Australian Securities and Investments Commission had undermined their committee inquiry before it had effectively started.Liberal senator Andrew Bragg said ASIC had frustrated the Senate’s job of investigating law enforcement issues in Australia. As a result, a multi-party committee has urged the Senate to use its powers to force the ASIC to produce documents relating to the regulator’s closed inquiries.
ASIC made 13 public interest immunity claims in response to some of those questions, saying disclosure of such material could harm its investigative methods, prejudice any potential future investigations or prosecutions and damage the reputation of people of interest.
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