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NAB cops $18.5M fine for failing to disclose adviser fees
ASIC 2021-08-26 10:47 am By Cindy Cameronne

National Australia Bank has been hit with a $18.5 million fine after admitting to allegations by ASIC that it failed to adequately disclose its adviser fees for five years.

ASIC seeks $40M penalty against NAB over inadequate fee disclosures
ASIC 2021-06-17 3:06 pm By Christine Caulfield

National Australia Bank has admitted in court it broke the law by charging fees it was not entitled to collect, but the bank and the corporate regulator are $25 million apart on what is an appropriate penalty.

ASIC’s proposed $40M fee disclosure penalty ‘manifestly excessive’, NAB tells court
ASIC 2021-06-18 10:08 pm By Christine Caulfield

National Australia Bank has urged a court to impose a $15 million penalty for its five-year failure to adequately disclose its adviser fees, and has argued ASIC’s push for a steeper penalty goes too far.

Court orders winding up of Merlin Diamonds after ‘serious contraventions’ unearthed
ASIC 2020-04-01 5:02 pm By Cat Fredenburgh

A judge has ordered that Joseph ‘Diamond Joe’ Gutnik’s Merlin Diamonds be wound up after the mining company’s provisional liquidators uncovered “serious contraventions” and a “serious failure of governance”.

NAB’s ‘grossly deficient’ systems prompted ASIC’s second fees-for-no-service case, court hears
ASIC 2020-02-18 2:10 pm By Miklos Bolza

National Australia Bank’s “grossly deficient” systems and failure to swiftly bring its processes into compliance prompted ASIC to launch its second fees-for-no-service case against the bank, the Federal Court has heard.

Provisional liquidators appointed to Merlin Diamonds to investigate concerns of ‘serious mismanagement’
Andrew Silver 2019-09-23 8:55 pm By Amelia Birnie

A judge has appointed provisional liquidators to ‘Diamond Joe’ Gutnick’s mining company Merlin Diamonds, after finding evidence of “serious mismanagement” and citing an urgent need to investigate the company’s books.