ASIC's move as Groves 'off the hook'

THE corporate regulator has refused to say if it will take action against Eddy Groves after a charge against the founder of failed childcare operator ABC Learning was dropped last week.

The Commonwealth Director of Public Prosecutions discontinued the charge against Mr Groves of ''aiding an alleged dishonest use of position by fellow ABC Learning director Martin Kemp''.

Litigation funders yesterday vowed to press ahead with a class action against ABC Learning's banks despite the surprise move by to drop the charge.

The IMF Australia executive director, John Walker, expressed ''surprise'' and ''disappointment'' at the development, with a thinly veiled swipe at the Australian Securities and Investments Commission.

''It is at least surprising that the regulator hasn't any public investigation or charges against Eddy Groves at present,'' Mr Walker told BusinessDay.


Topics:  asic

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