Regulation

Veronica Macpherson’s Macro Realty Developments has had its Australian financial services licence torn up by the corporate regulator.

Morgan Stanley Wealth Management has been appointed by the corporate watchdog to sell a portion of shares in Sovereign Gold Company held by former Applabs Technologies directors which were found to have been acquired invalidly.

Former footballer and insurance broker Andrew Donnelly has failed to overturn freezing orders that were imposed in January in relation to the alleged misuse of $5.1 million of trust funds from his old business.

Citation Resources has appointed KordaMentha as voluntary administrators, while the oil and gas company continues to pursue recovery of funds through a civil action against former director Peter Landau.

Car retailer Automotive Holdings Group is bracing for a potential earnings hit when the corporate regulator enacts reforms to finance and insurance commission arrangements next year.

The $529 million Ord-East Kimberley expansion project cost more and took substantially longer than originally expected, has not delivered the expected benefits, and left the region with an unclear pathway for future development, auditor general Colin Murphy has found.

Hong Kong-based Brockman Mining has continued its run of legal victories in its efforts to gain access to Fortescue Metals Group’s rail infrastructure.

Northern Star Resources has announced a major board restructure that includes the recruitment of two new directors and, in an unusual move that is at odds with corporate governance guidelines, the promotion of managing director Bill Beament to executive chairman.

Padbury Mining directors Gary Stokes and Terry Quinn have each been fined $25,000 and banned from being company directors for three years after the Federal Court found their announcement of a $6 billion funding deal for the Oakajee port and rail project was misleading and deceptive.