The Australian Securities and Investment Commission (ASIC) has banned former coal mining entrepreneur Nathan Tinkler and two of his associates from managing companies for up to four years, with the watchdog citing failures in their duties as directors.
The former billionaire’s three-years and nine-months disqualification follows the appointment of liquidators to 11 companies he managed, with reports from the liquidators suggesting that Tinkler and his associates, Donna Dennis and Troy Palmer, had failed to prevent the companies from trading while insolvent, failed to ensure the companies paid their taxes, failed to discharge their duties as a directors, and allowed one of the companies to deliberately operate at a loss.
