ANTHONY KLAN
Australia’s former Treasurer Josh Frydenberg, who covered-up a corruption scandal at the top of the country’s corporate regulator, has been appointed to a senior role with notorious global investment bank Goldman Sachs.
The appointment is remarkable because Goldman Sachs is the former long-time employer of James Shipton - the corporate regulator boss whose alleged corruption Frydenberg covered-up.
Frydenberg has been appointed as “senior regional advisor for the Asia Pacific”, reports The Australian Financial Review, citing a statement from Goldman Sachs.
Frydenberg lost his inner Melbourne seat of Kooyong in May’s federal election, in a major swing against him.
As previously revealed by The Klaxon, Frydenberg covered-up the findings of the “inquiry” into a major corruption scandal at the top of corporate regulator the Australian Securities and Investments Commission (ASIC).
In late 2020 it emerged ASIC chair Shipton - a Federal Coalition Government appointee - had charged taxpayers $118,000 for personal “tax advice”, which was on top of the remuneration cap set by law.
Frydenberg’s cover up of the ASIC corruption scandal, benefiting ex Goldman Sachs executive James Shipton. Source: The Klaxon
Frydenberg as Treasurer announced an “inquiry”.
On January 29 last year, Frydenberg announced the inquiry had cleared Shipton of any wrongdoing.
This was false.
On making the announcement Frydenberg released a version of the inquiry’s final report.
As revealed by The Klaxon, three-quarters of the report’s key findings - all relating to Shipton - had been secretly deleted from the document.
Despite Frydenberg claiming Shipton had engaged in no wrongdoing, he simultaneously announced that Shipton would be departing as ASIC chair, little over half-way through his five-year term.
Then Federal Treasurer Scott Morrison appointed Shipton as ASIC chair in November 2017.
Shipton had previously held senior roles with Goldman Sachs, including as a managing director of its “Asian Executive Office” and, from 2009 to 2013, as head of “Government & Regulatory Affairs” for Goldman Sachs Asia Pacific, based in Hong Kong.
During that time Goldman Sachs became embroiled in one of history’s biggest scandals, the disappearance of billions of dollars from 1MDB, Malaysia’s sovereign wealth fund.
Shipton has said he was not connected to the scandal.
“We are fortunate to bring to Goldman Sachs a person of Josh’s deep public and private
sector experience, connectivity, and insight,” Goldman Sachs said in a statement today.
“His significant understanding of geopolitical and economic issues will bring considerable value to our clients across the region and beyond,” said Goldman Sachs “President for Asia Pacific Ex-Japan”, Kevin Sneaderis.
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Editor, Anthony Klan
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