The circumstances around Pat Regan’s dismissal were the subject of a long-running investigation by ASIC.
unceremoniously sacked from his jobWhat exactly happened remains a mystery, given the company has declined to answer questions related to the mysterious incident, and executives appearing before parliament have confessed to not knowing anything further than what has been publicly stated.
According to a record search undertaken by ASIC at the request of this column, the regulator held almost 1,500 documents in its Ringtail system related to its investigation into QBE and Regan, running to more than 27,000 pages. Regan, who was fired on September 1, 2020, has maintained a low profile since departing the company, selling his Sydney home, and in March last year registering Aspell Consulting LLP, with his wife,Days after the public announcement of his code of conduct breach, on September 9, 2020, an ASIC operative in the regulator’s office of enforcement surmised “we have elected to kick off a s13 investigation and obtain the documents from QBE under a production notice”.
Nevertheless, it was seen that it was “expedient for the due administration of the corporations legislation that ASIC investigate” the issue. By September 17, ASIC had issued a series of Section 19 examination subpoenas to senior QBE staff, with unidentified employees being interviewed later that month and in October and November., about conducting an interview with a US individual related to its investigation.
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