The Australian Securities and Investments Commission is monitoring companies linked to the former director of a failed Coast-based training firm which pocketed almost $80 million in government funding before its collapse.
The advice was given to Fairfax MP Ted O’Brien, who had sought further information from the regulator about its treatment of SmartCity Vocational College, its administrative arm SC Admin and director James “Jim” Spong.
“While ASIC has effectively closed the matter of SmartCity, it has not closed the book on Mr Spong,” Mr O’Brien said.
Maroochydore-based SC Admin Pty Ltd folded in December, 2016, leaving more than 300 staff jobless around the country and was wound up with debts of $2.6 million to staff for annual leav…
Read the full article at: https://www.qt.com.au/news/watchdog-keeps-tabs-on-failed-training-firm-compan/4092608/