Failed mining and racehorsing entrepreneur Nathan Tinkler has been banned from running companies in Australia for almost four years.
The former rich lister and two of his associates, Donna Dennis and Troy Palmer, have been disqualified by ASIC from acting as company directors, following the failures or appointment of liquidators to a range of companies in which they were involved.
The corporate regulator said there were “multiple serious failures in their duty as directors”.
ASIC said the trio had allowed one of the companies to trade while insolvent, failed to ensure the companies paid their taxes, and allowed one of the companies to deliberately operate at a loss.
ASIC Commissioner John Price said: “The disqualifications imposed on these directors should highlight the consequences that can follow when companies are poorly managed. ASIC will seek to hold company directors accountable if they systemically fail to discharge their obligations when managing companies”.
It’s a crushing new low for Tinkler, whose business empire once included the NRL’s Newcastle Knights, a highly regarded stud business, and coal interests.