SAI Group dumps CEO amid $1.1 billion takeover bid; Tax inspector-general announces debt collection review: Midday Roundup
Monday, May 26, 2014/
Standards and risk management group SAI Global has had a dramatic Monday morning of takeovers and sackings, reports Fairfax.
Private equity giant Pacific Equity Partners approached the company with a $1.1billion acquisition bid and while SAI Global has yet to decide on the offer, it has made a clear-cut decision on the fate of chief executive Stephen Porges.
Porges has been given the boot, with the company citing “fundamental differences of opinion between him and the board”.
SAI chairman Andrew Dutton will serve as executive chairman until a successor is appointed.
Tax inspector-general announces debt collection review
The Australian Tax Office’s processes for collecting unpaid tax are set to come under closer scrutiny, with the inspector-general Ali Noroozi today announcing the terms of reference for a review into the ATO’s approach to debt collection.
“Despite the ATO’s debt assistance programs, its approach to collecting taxes has been a persistent source of taxpayer complaint,” said Noroozi in a statement this morning.
According to Noroozi, who also announced a review into the ATO’s services for tax practitioners, uncollected tax grew to $17.7 billion in 2012-13, with 60% of the debt owed by small enterprises.
Interested parties have until July 18 to lodge a submission for the review.
Shares up on open
Aussie shares have started the week on a positive note, although another dip in the iron ore price could hamper any further gains.
The S&P/ASX200 benchmark was up 13.6 points to 5506.4 points at 12.07pm AEST. On Friday, the Dow Jones closed 63.19 points higher, up 0.38% to 16606.3 points.