Anne Ruston (SA, Liberal Party, Minister for Families and Social Services) Share this | Hansard source

by leave—I make a short statement. ASIC is undertaking an ongoing investigation into the conduct of a number of entities and offices within the Sterling Group of companies. Matters relating to the Sterling Income Trust have been the subject of litigation and the government does not wish to prejudice any possible future proceedings. On 19 November 2020, the Federal Court in Western Australia found Theta Asset Management, the responsible entity for Sterling Income Trust, and its managing director, Mr Robert Marie, contravened the Corporations Act on multiple occasions. The court ordered Theta to pay a penalty of $2 million and ordered Mr Marie to pay a penalty of $100,000. The government notes the impact of the failure on investors' residential tenancies are matters most appropriately considered at the state level, given these matters come under state laws.

Question agreed to.