Posted May 11, 2018 06:29:30The sports equipment industry is in the spotlight again with new details on the sales of used sports gear.
The Australian Securities and Investments Commission (ASIC) has launched a new investigation into how a company, Sports Equipment Holdings, sold used sports clays and football equipment from the mid-1990s to 2017.
In a statement on Thursday, ASIC Commissioner John Grant said the investigation was “seeking to establish whether there was any breach of securities laws or regulations”.
“The ACCC is seeking to establish the facts surrounding the sale of used football equipment by Sports Equipment in the late 1990s,” the statement said.
“This investigation will also examine whether there were breaches of the Australian Securities Act (ASA) and other related laws.”
The ACCE investigation is focusing on Sports Equipment.
The inquiry will also investigate whether there have been any breaches of any Australian securities laws, and will be seeking to obtain copies of documents relating to the sale.
The ACCA has been investigating the sale since 2015, following an ASIC report in 2015 that revealed Sports Equipment had been selling used football and football accessories.
The investigation is also looking into whether Sports Equipment has been breaching the Australian Financial Ombudsman Act.
The new investigation will include looking at whether there has been any breach or breach of the ASIC Act, and also whether any other relevant laws or laws may have been breached.
The sale of football equipment was first reported by The Australian Financial Services Review.
A report by the ACCC earlier this year revealed that the ACC has launched an investigation into the sale and sale of “used” sporting clays from the early 1990s.
A letter sent to Sports Equipment by the company said in part: “As a result of our review of the matter, we are pleased to inform you that we have been informed that the matter is now closed and we are not investigating further.”
However, Sports Business News reported that the investigation will now focus on “used sport equipment” and that the company was seeking to get a “clear picture” of the sale process.
“We are aware of the ongoing inquiry and are confident we will receive a clearer picture of the process from ASIC and its regulators,” Sports Equipment said in a statement.
The company said it would not comment further.