It will be interesting to see what penalties are handed out to GetSwift, Mr Hunter, Mr Macdonald and Mr Eagle. In my opinion their breaches are much more serious than the allegations against ISX.
ASIC will now seek pecuniary penalty orders against GetSwift, Mr Hunter, Mr Macdonald and Mr Eagle. ASIC will also seek orders disqualifying Mr Hunter, Mr Macdonald and Mr Eagle from managing corporations.
At the time of the misconduct, breaches of continuous disclosure (s674 of the Corporations Act) attracted maximum penalties of $1 million per contravention for the company and $200,000 per contravention for persons involved. Higher penalties of up to $10.5 million for a company and $1.05 for an individual were introduced in March 2019. Breaches of director’s duties (s180 of the Corporations Act) also attract penalties that can be handed down to an individual.
ASIC commenced civil proceedings against GetSwift, Mr Hunter and Mr Macdonald in February 2019 (19-039MR) and in March 2019 against Mr Eagle.
In January 2021, GetSwift delisted from the ASX and re-domiciled to Canada’s NEO Exchange after the Federal Court approved GetSwift’s scheme of arrangement to create a new Canadian holding company despite ASIC opposing the scheme. As such, GetSwift is no longer listed on the ASX.
