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ASIC targets former minister over Vocation

AAP logoAAP 30/09/2016

Former federal education minister John Dawkins could be banned from being a company director after the corporate watchdog launched Federal Court proceedings over allegations that he and two associates misled investors in failed training provider Vocation.

The Australian Securities and Investments Commission is seeking disqualification orders against former non-executive chairman Dawkins, managing director Mark Hutchinson and chief financial officer Manvinder Grewel, alleging the trio failed in 2014 to tell investors Vocation was at risk of losing $20 million of Victorian government funding.

Vocation raised $72.5 million via a placement during the period in which it lost the funding, and the training provider lost more than 95 per cent of its market value before its shares were suspended and it entered voluntary administration in November.

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