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- A second chairman has resigned from the Australian Securities and Investments Commission (ASIC) after misusing taxpayers’ money
- Deputy Chair Daniel Crennan stood down on Monday after he was paid $70,000 to cover his relocation from Melbourne to Sydney in 2019
- This follows Chairman James Shipton stepping aside on Friday
- Shipton used $118,000 for personal tax advice
- Crennan claimed he was asked to relocate under advice of Shipton, believing the $70,000 paid to him was consistent with ASIC rules
- An investigation concluded that the money paid to Crennan was inappropriate considering his salary
- Both Crennan and Shipton have pledged to pay the money back
Australian Securities and Investments Commission (ASIC) Deputy Chairman, Daniel Crennan, has resigned after misusing Australian taxpayers’ money.
Crennan stepped down from his position on Monday, following an audit which revealed he was given $70,000 for personal expenses. It is understood this money was used for housing costs.
Crennan was already due to retire from his position in July next year, but decided to do so immediately following the scandal. He was not asked to resign.
“In order to ensure that ASIC’s important work is not disrupted, I will remain available to facilitate the orderly transfer of work to my successor,” Crennan said this week.
Treasurer Josh Frydenberg accepted the resignation.
“The Government thanks Mr Crennan for his service and the important work he has undertaken during his time as deputy chair,” he said.
Sourced: The Australian
The expenses scandal was uncovered by the Australian National Audit Office (ANAO). Crennan’s resignation is the second hit by ANAO against ASIC after Chairman James Shipton stepped aside on Friday.
According to ANAO, Shipton was paid more than $118,000, which was used to pay for personal tax advice.
The ANAO had also highlighted the $70,000 paid to Crennan, which was made over a two-year period. This followed his relocation from Melbourne to Sydney last year.
According to ASIC guidelines, this expense paid to the ex-Deputy Chairman exceeded the appropriate amount for his salary.
According to Crennan, the relocation was done after a request made by James Shipton in late 2018.
“ASIC agreed to pay me a relocation package which included a rental allowance. I was told the payment of this allowance was consistent with ASIC policy,” he said.
“In September 2020 and early October 2020, I was told of external advice about, and the [ANAO] present position concerning, the rental allowance being paid to me. I requested that ASIC cease paying me the rental allowance,” Crennan stated.
Both Daniel Crennan and James Shipton have pledged to repay the misused tax money — totalling $188,557.
