Did Albo know? ASIC faces questions into bungled investigation of ABC Bullion

Economist John Adams has been a vocal critic of ASIC; one of the principal drivers of Senator Andrew Bragg’s report which recommends the corporate regulator be scotched, or at least broken up. Its failure to conduct investigations into corporate crime and misconduct is Adams’ main concern.

And he cites, in support of his calls for a break-up, a failed investigation into a gold and precious metals dealer. From July 2022 to August 2023, ASIC investigated the directors of ABC Bullion for possible breaches of their corporate director duties following a 608-page report of alleged misconduct lodged with ASIC by Adams.

The report of alleged misconduct was a 10-month pursuit by Adams after an ABC Bullion employee, who would later become a whistleblower, raised serious allegations as to the integrity of ABC Bullion’s physical bullion storage services.

On 10 August 2023, ASIC concluded its 13-month investigation, costing approximately $300,000, by writing to Adams that “ASIC did not find evidence which establishes a contravention of the law.”

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