ASIC sues ex-Super Retail chief over undisclosed conflict of interest

The Australian Securities and Investments Commission has commenced civil penalty action against Anthony Heraghty, who previously led Super Retail Group. ASIC claims Heraghty did not reveal a personal relationship with a senior executive from the group's former human-resources department, creating a conflict of interest that was not managed or disclosed to the board or the market. After leaving Super Retail, Heraghty was hired by appliance company Winnings, which is preparing an initial public offering on the ASX.

The regulator argues that his undisclosed ties compromised his duty to act in Super Retail's best interests. ASIC chair Sarah Court said the allegations raise critical questions about governance standards and the reliability of information supplied to investors. The case will proceed in civil court, with potential penalties if the regulator's claims are upheld.