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Financials

Australia's corporate watchdog deputy chair resigns amid expenses enquiry

SYDNEY, Oct 26 (Reuters) - The deputy chair of Australia’s corporate regulator resigned on Monday following revelations the government agency may have incorrectly refunded him A$70,000 ($49,861) for rent when he moved in 2018.

Daniel Crennan, hired as deputy chair at Australian Securities and Investments Commission (ASIC) in early 2018, wrote to Australia’s Treasurer to resign with immediate effect, he said in an emailed statement.

The move follows news on Friday about an investigation by the government’s auditor into claimed expenses by Crennan and by chairman James Shipton.

Shipton, to whom ASIC refunded close to A$118,000 for tax advice performed by KPMG related to his relocation from the United States, stood aside pending the review.

“I had been intending to retire from my position July 2021. However, in the current circumstances, I have decided that it is in the best interests of ASIC for me to resign now,” Crennan said. ($1 = 1.4039 Australian dollars) (Reporting by Paulina Duran in Sydney; Editing by Kim Coghill)

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