Corporate cop sues former Super Retail boss, alleging he misled the market

The Australian Securities and Investments Commission (ASIC) said it has commenced civil penalty proceedings against former Super Retail Group boss Anthony Heraghty, alleging he breached his directors’ duties and provided misleading information to the board and the market concerning his relationship with the group’s former human resources boss.

ASIC alleges Heraghty, who was recently hired by appliance group Winnings for an expected float on the ASX, failed to disclose and manage conflicts of interest arising from an alleged undisclosed relationship he had with a senior executive at the company.

“ASIC alleges Mr Heraghty put himself in a position where his personal interests conflicted with his duties to Super Retail Group and that he failed to properly disclose and manage that conflict,” ASIC chair Sarah Court said.

“The allegations in this matter raise important issues about governance, transparency and trust in the information provided to boards and the market.”