Former Star Entertainment CEO Matt Bekier has been granted permission to manage a family superannuation trustee company, despite his six-year ban on managing corporations.
The Australian Federal Court imposed strict conditions limiting the company’s activities and restricting beneficiaries to his immediate family, while his original disqualification remains in place.
The exemption specifically applies to Leliwa Holdings Pty Limited, a company equally owned by Bekier and his wife, Melinda, who also serve as its two directors.
Justice Elizabeth Cheeseman acknowledged the seriousness of Bekier’s previous failures. Still, she ruled that the risk associated with his management of the fund was limited, given the restricted nature of its activities.
The exemption was granted because Leliwa has no employees or debt and has limited exposure to third parties. Under the conditions, the company may only manage the family superannuation fund, with Bekier and his immediate family as the only eligible beneficiaries. The Australian Securities and Investments Commission (ASIC) consented to the application.
Nevertheless, Bekier’s broader six-year disqualification remains in force, while the underlying findings and disqualification order remain subject to an appeal that has yet to be heard.
The Federal Court imposed the ban in June, finding that Bekier had failed to adequately address money-laundering risks at the operator. It also fined him AU$700,000 (US$488,500).
In March, the Court noted that Bekier had failed to adequately address a KPMG report highlighting deficiencies in Star’s anti-money laundering and criminal risk controls.
Much of the case focused on Star’s largest junket operator, Suncity, with turnover linked to the group reaching AU$2.1bn, AU$4bn and AU$5.9bn in the 2017, 2018 and 2019 financial years, respectively.
Bekier stepped down as the Star’s CEO in 2022 amid the investigation into the breaches
