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An snippet of an article from todays The Australian

Not the most glowing reference of ASIC one might say

The Australian Securities & Investments Commission’s statement, following the decision in its case against media giant Harold Mitchell and former Tennis Australia president Steve Healy, went something like this: We have had the most terrific victory. In our quest to litigate first, ask questions later, we have notched up a high-profile scalp. Praise be to ASIC!Indeed, the truth was 180 degrees the other direction. ASIC suffered the most humiliating defeat in recent history after the Federal Court slammed its case against Mitchell as infected with “confirmatory bias”, founded on “various cover-up and conspiracy theories”, “rolled up assertions”, and a “penny dreadful narrative” that “was problematic at the start of the trial and not maintainable by its end”.READ NEXTHotel quarantine probe at risk of delayDAMON JOHNSTON, CAROLINE OVERINGTONAny half-decent regulator can lose a court case without losing face. The final result can turn on a dime. But not this case. Justice Jonathan Beach rips apart ASIC’s case to the point where we must ask whether the corporate regulator has any clue about how companies operate, how business works, how deals are done, not to mention how to run a court case. We might also wonder whether the place is filled with dills or zealots — or both. The result of this debacle is that ASIC’s credibility has never been lower. ASIC’s incompetence was almost bearable when the country enjoyed decades of uninterrupted growth. But with the economy bashed by shutdowns arising from the pandemic, ASIC’s lack of basic business acumen, skills and judgment is magnified, making it a dangerous hurdle to economic recovery