LEGAL | Staff Reporter, Australia

ASIC concludes Retail Food Group investigation

Read the franchisor’s update here.

Retail Food Group (RFG) has released a statement to the ASX, notifying the market there would be “no enforcement action” arising from a series of probes from the Australian Securities and Investments Commission (ASIC).

“The Company has been advised by ASIC that ASIC has concluded its investigation and has decided that it will not take any enforcement action following its investigation,” the operator said in a statement sent to the ASX.

“No inference should be drawn from ASIC’s decision to conclude its investigation without taking enforcement action. ASIC may also recommence its investigation, or commence enforcement action, if circumstances change,” the statement added.

The first investigation related to “potential contraventions” of the Corporations Act prior to 25 September 2018 whilst the second inquiry on 9 July 2019 related to a rise in the company's share price prior to the announcement of a $160 million recapitalisation.

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