Article: Call for royal commission into SkyCity Adelaide amid AUSTRAC investigation

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Call for royal commission into SkyCity Adelaide amid AUSTRAC investigation

abc, 07 June 2021

Two South Australian MPs have called for a royal commission into the operations of the Adelaide casino similar to those underway into Crown in Victoria and Western Australia.

SkyCity revealed this morning it was being investigated by financial crime watchdog AUSTRAC over serious non-compliance relating to money-laundering and counter-terrorism financing laws in its Adelaide operations. It runs the Adelaide casino as well as three others in New Zealand. Continue reading “Article: Call for royal commission into SkyCity Adelaide amid AUSTRAC investigation”

Article: Caught in a bear trap: How ‘short and distort’ attacks are costing Australian investors billions

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Caught in a bear trap: How ‘short and distort’ attacks are costing Australian investors billions

Adele Ferguson

Sydney Morning Herald,

Australia has become a paradise for a new, aggressive form of short selling. And regulators’ failure to act is costing investors billions.

Dubbed the “short and distort” gang, a group of largely foreign-based research houses issue highly damaging reports, designed to cause maximum damage to the companies they target.

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Article: The Naked Truth: Short Selling must be Banned

Article - Media

The Naked Truth: Short Selling must be Banned

Terry McCrann

The Australian via Wayback, 5 April 2008

I refer to real – or so-called “naked” – short selling. So-called “covered” short selling is an altogether both simpler and more complex matter.

“Covered” short selling goes to the sort of volatility and transparency and possible malpractice issues that have battered a range of stocks over the past six months or so. It also goes to the fiduciary duties and practices of fund managers and trustees.

But there is no inherent reason to ban “covered” selling. And indeed the Corporations Act does not.

It arguably isn’t even short selling. More a contractual matter between the seller and the person from whom the seller has borrowed the stock. But with significant and reasonable disclosure issues for the ASX as the market.

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