The corporate watchdog failed to take action over doomed Bestjet despite being warned about alleged misconduct a year before the budget airfare company collapsed.
The Australian Securities and Investment Commission in 2017 was told Bestjet was not being run by its founder, Rachel James, but rather her husband, Michael James, who already had a history with ASIC, a source told 9Finance.
The source informed ASIC that Mr James was operating as a shadow director, despite being banned from managing a company for three years following the $97 million collapse of his own budget airline Air Australia in 2012.
Read more 9Finance coverage of the Bestjet collapse here
Read the full article at: https://finance.nine.com.au/2019/02/11/11/26/bestjet-collapse-asic-warned-about-alleged-misconduct-australia-news