Yesterday, the Australian Securities and Investments Commission announced that it has filed civil actions against eight former and current Centro directors and executives related to more than $2 billion worth of debt that was incorrectly classified in its 2007 financial year accounts. The Australian reports that the cases are the regulator’s first against directors of a listed company since the global financial crisis began.
ASIC filed cases against the former CEO, chairman, CFO, and several other directors. An attorney at the Maurice Blackburn law firm also stated yesterday that a class action against Centro’s auditor, PwC, is under consideration. Maurice Blackburn currently represents about 1000 group members who are suing Centro.