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News >> Asia Pacific

Company Fined for Internal Control Failings

16 Jul 2014
Written by World Watch

The Hong Kong Securities and Futures Commission (SFC) has made available a statement (undated) of disciplinary action against Ping An of China Securities (Hong Kong) Co Ltd (Ping An). The SFC has reprimanded Ping An and fined it HK$6 million for "serious internal control deficiencies".

Published in Anti-Money Laundering

The Office of the Australian Information Commissioner (OAIC) has announced that Pound Road Medical Centre has been found in breach of the Privacy Act 1988 No. 119 (Cth) by "failing to take reasonable steps to secure sensitive medical records".

Published in Records Management

Samsung Electronics (Samsung) has announced that it has decided to temporarily suspend business with supplier Dongguan Shinyang Electronics (Shinyang) after finding evidence of the possible use of child labour at a Chinese factory of the supplier.

The Supreme Court of the Australian state of Victoria has announced that the parties to a class action arising from the February 2009 Victorian bushfires (Black Saturday) that "killed 173 people and injured thousands of others" have reached a settlement of approximately A$495 million. According to the Court, the action involves more than 10,500 group members and relates to the damage caused in the Kilmore East-Kinglake area, where 119 people died and 1,200 homes were destroyed.

The Federal Court of Australia (FCA) has handed down its decision in Australian Securities and Investments Commission v GE Capital Finance Australia, in the matter of GE Capital Finance Australia [2014] FCA 701 (1 July 2014). According to the Australian Securities and Investments Commission (ASIC), the FCA has fined consumer credit provider GE Capital Finance Australia (GE Money) A$1.5 million for "making false or misleading representations to more than 700,000 of its credit card customers".

Published in Consumer Protection

The Office of the Australian Information Commissioner (OAIC) has released Own motion investigation report - Cupid Media Pty Ltd (June 2014), which outlines the findings of Privacy Commissioner Timothy Pilgrim's own motion investigation into Cupid Media Pty Ltd (Cupid), after the personal information of Cupid users was stolen by hackers gaining unauthorised access to Cupid webservers.

Published in Information Security

Commonwealth Bank of Australia Group (CBA) has made available a statement (3 July 2014) by its chief executive officer Ian Narev announcing a program to provide remediation for customers who suffered financial loss as a result of "[p]oor advice provided by some of [CBA's financial advisers] between 2003 [and] 2012".

Published in Consumer Protection

Australia-based department store group Myer may be considering civil and criminal proceedings against Andrew Flanagan after dismissing him from an executive position on his first day in the role. Myer reportedly removed Mr Flanagan from the role of group general manager of strategy and business development after its well-publicised understanding that he had previously been Asia Pacific vice president of global fashion retail group Inditex was wholly refuted by a representative of Inditex subsidiary Zara.

The Victorian WorkCover Authority (VWA) of the Australian state of Victoria has issued a series of prosecution summaries (all undated) for June 2014.

The workplace safety and health division of the Australian state of Western Australia's Department of Commerce (WorkSafe WA) has announced that vegetable packer and exporter North East Equity has been fined A$33,000 and ordered to pay approximately A$1,200 in costs in the Magistrates' Court, following an incident in which an employee's thumb was crushed between the cradle and frame of a bin tipper for a carrot hopper.

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