Inside Asian Gaming

IAG JAN 2023年1月 亞博匯 84 L ast month’s a n n o u n c e m e n t that the Australian corporate regulator, ASIC, has initiated civil proceedings against 11 former and current executives and directors of ASX-listed Star Entertainment was hardly a surprise, given the earlier findings of the Bell Inquiry into the licensee of the company’s Sydney casino. ASIC has alleged that each defendant has, on multiple occasions, failed to exercise a reasonable level of care and diligence in the discharge of certain of their functions, thereby contravening section 180 (1) of the Corporations Law. The so-called “business judgement” rule contained within section 180 (2) is a defense to any action alleging a breach of the statutory duty imposed upon directors and officers of a company. A business judgement may be either a decision to do something (for example, to contract with an offshore junket operator), or not to do something (such as terminate an association with a junket operator when it would be reasonable to do so). COLUMNISTS