Summary
The Australian Securities and Investments Commission (ASIC) is investigating the bankers involved in the failed initial public offering (IPO) of data center builder Firmus. The IPO, which was co-founded by billionaire Oliver Curtis, was set to launch last week but was abruptly canceled after investors rejected the proposed $11 share price. ASIC Chair Sarah Court confirmed that targeted inquiries are being made into the actions of the joint lead managers, including Bank of America, JP Morgan, Morgan Stanley, and broker Morgans, who stood to gain significant fees from the float.
In another development, Australian Taxation Office (ATO) Commissioner Rob Heffron acknowledges a misjudgment regarding the use of credit cards by businesses. He admitted to underestimating how many small businesses rely on credit cards for managing cash flow, particularly after a recent ban on surcharges for card payments. The ban, initially intended as a cost-of-living relief measure, has caused confusion and frustration among businesses that utilize credit cards to pay tax bills. Heffron expressed a commitment to better engage with stakeholders before implementing significant changes in the future.
The government plans to delay the enforcement of the ban until mid-next year, during which time taxpayers will incur surcharges.
Show Notes
The Australian Securities and Investments Commission is making “targeted inquiries” into the actions of the bankers behind the canned multibillion-dollar stock-market float of data-centre builder Firmus. Plus, Australia’s Tax Commissioner has admitted he didn’t quite get how businesses use credit cards before the ATO brought in a ban on plastic. Read more: Corporate regulator investigates lead managers behind cancelled $44bn Firmus float ATO ‘jumped to conclusions’ over bungled credit card ban See omnystudio.com/listener for privacy information.
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