ASIC concerned by Macquarie’s actions
The Australian Securities & Investments Commission (ASIC) is investigating Macquarie Bank for an alleged conflict of interests. ASIC is concerned that Macquarie was a corporate advisor for Alinta while also supporting a management buyout by then CEO Bob Browning. ASIC says the law requires financial services firms to manage any conflicts of interest. Macquarie insists that Alinta's board was fully informed and had its actions condoned. However on 16 January 2007 Alinta sacked Macquarie as its corporate advisor and has minimised interaction with all executives involved in the buyout still working there.