O’Sul­li­van gives up on ASIC role

The Gold Coast Bulletin - - NEWS -

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.

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