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GRC Professional : GRC Spring 2012
NEWS 10 GRC Professional • Spring 2012 SECURENCY Reser ve Bank governor Glenn Stevens appeared before a parliamentary committee on 8 October, but was not able to publicly disclose internal documents about the handling of foreign bribery offences at RBA subsidiaries Note Printing Australia and Securency, first raised in May 2007. He cited on-going criminal prosecutions of eight former executives on foreign bribery offences. MACQUARIE GROUP The Australian Securities & Investments Commission has reportedly been circling Macquarie Group over chronic compliance failures in its retail stockbroking division but details have yet to emerge. TRANSURBAN A computer malfunction caused Melbourne's two busiest road tunnels to be closed for most of the day on 3 October, causing the toll road operator to apologise for its "worst traffic failure in its 13 years of operating CityLink", but said it could not guarantee that the malfunction would not happen again. GUNNS Former Gunns chief executive Greg L'Estrange told the courts after LIBOR The UK Government's independent Wheatley Review, published on 28 September, recommended comprehensive reform, but not replacement, of Libor after three years of investigation s into banks colluding on market interest rates (see Curbing a culture of greed: The Libor fallout on page 12). LANCE ARMSTRONG The seven-time win ner of the Tour de France race was stripped of all of his titles after the United States Anti- Doping Agency released a 1000 page report containing testimony of 26 people, outlining his use of illegal doping during his competitive cycling years. L'AQUILA Six Italian scientists and an ex- government official, members of the National Commission for the Forecast and Prevention of Major Risks, were sentenced to six years in prison after being found guilty of multiple manslaughter over the April 2009 6.3 magnitude earthquake in the Italian city of L'Aquila, which killed 309 and flattened the city. They were charged with making a falsely reassuring statement about minor tremors before the quake. JIMMY SAVILE The BBC is in damage control over revelations the late comedian sexually abused at least 200 children over 30 years at the British broadcaster. Some of the abuse allegedly occured on the BBC premises. It has also emerged that the BBC's director-general, George Entwistle, knew about a Newsnight segment on Savile's abuse. WORK AND INCOME NZ (WINZ) A journalist was able to log on to one of many kiosks at WINZ offices throughout the country to access highly confidential records of its clients. The security breach sparked a top-level government inquiry and the kiosks were temporarily closed. GRC in the headlines AUSTRALIA OVERSEAS administrators moved in to the fallen timber company that internal company processes were a compliance nightmare. He said his hardest task was getting proper processes in place. "It's not a company with a culture of complying with policies,'' he said. FORTESCUE METALS Fortescue Metals chairman Andrew Forrest won his appeal in the High Court, throwing out the Australian Securities and Investment Commission's claim that his company had misled investors over "binding contracts" with Chinese companies to develop mining infrastructure. The judge was critical of the way ASIC had framed the case. JETSTAR A 21-year-old New Zealand woman told media she wa s "absolutely humiliated" when a Jetstar flight attendant singled her out in a queue at the gate of a domestic flight to ask her for a "pregnancy" medical certificate to fly, but she was not pregnant. NEW ZEALAND
GRC Winter 2012
GRC Summer 2013