ASIC WARNS DIRECTORS OF CONSTRUCTION COMPANIES USING FALSE DECLARATIONS

As part of its ongoing work to curb illegal phoenix activity, ASIC has completed a proactive surveillance program that monitored the integrity of the payment systems in the Australian building and construction industry.
The surveillance program, carried out during the 2014/15 financial year, targeted eight large commercial construction projects across New South Wales, Victoria and Qld. ASIC checked the payment processes and systems of 40 individual building and construction companies (contractors) working on those projects.

The campaign identified concerns about the conduct of some companies within the building and construction sector, which may be falsifying statutory declarations when claiming payment from principal contractors for work undertaken.

Please click here to read the full media release