The corporate watchdog has banned former Hunter mining magnate Nathan Tinkler from managing companies for more than three years.
The one-time billionaire has been disqualified for three years and nine months by ASIC for multiple serious failures in his duty as a director of several businesses including his horse stud Patinack Farm.
Mr Tinkler's sister Donna Dennis and his former right-hand man Troy Palmer have also been banned from running companies for at least three years.
ASIC found Mr Tinkler, Ms Dennis and Mr Palmer:
- failed to prevent the companies from trading while insolvent;
- failed to ensure the companies paid their taxes;
- failed to discharge their duties as a director; and
- allowed one of the companies to deliberately operate at a loss.
"The disqualifications imposed on these directors should highlight the consequences that can follow when companies are poorly managed," ASIC Commissioner John Price said.
"ASIC will seek to hold company directors accountable if they systemically fail to discharge their obligations when managing companies."
Click here for the full statement from ASIC.