O’Sullivan gives up on ASIC role

Available at participating newsagents, Coles, Woolworths and IGA supermarkets while stocks last THE Australian head of global investment bank Credit Suisse has slammed a Labor politician for interference with an appointment to the corporate regulator, personal attacks and abuse.

Credit Suisse chairman John O’Sullivan has withdrawn his candidacy to become the new chairman of the Australian Securities and Investments Commission because of a campaign of criticism and attacks by Labor shadow treasurer Chris Bowen.

Mr O’Sullivan had been the front runner to replace ASIC chairman Gred Medcraft when he retires next month.

In the letter withdrawing his application, Mr O’Sullivan said he was “deeply shocked” by public statements and media releases by Mr Bowen.

“The personal nature of that attack, even including insinuations of old and long since discredited allegations, and the failure to make even the slightest investigation as to the process followed, my qualifications for the role or the steps I proposed to take to ensure my future impartiality, was unprecedented and disturbing,” Mr O’Sullivan wrote.

Mr Bowen had previously said ASIC’s independence from government would be at risk if Mr O’Sullivan was appointed chairman.