ASIC won’t sue Super Retail board over scandal that led to CEO’s sacking, says company
Super Retail Group announced that the corporate regulator ASIC will not pursue legal action against the company's board following the scandal that led to the firing of former CEO Anthony Heraghty. Heraghty remains the sole individual facing legal action for breaching director duties.
Why it matters
The decision clarifies the legal liability of corporate boards in Australia when executives engage in misconduct, providing a degree of closure for the company's shareholders.
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Share A A A Rebel Sport owner Super Retail Group says the corporate regulator does not plan to take any further action over the alleged illicit executive relationship that will see its former chief executive, Anthony Heraghty, face court this week.
But the group behind well-known brands also including Supercheap Auto, MacPac and BCF, says it will face further legal bills funding his defence against the legal action by the Australian Securities and Investments Commission.
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