Australia’s financial watchdog has banned a husband and wife from managing corporations for the maximum allowable period after the failure of their agribusinesses — one of which was linked to disgraced former NSW MP Daryl Maguire.
The Australian Securities and Investment Commission (ASIC) said Jimmy Yang, also known as Jimmy Liu, and his wife Freda Feng were the directors of three agricultural companies between 2004 and 2025.
Mr Yang was also the director of a personal services company in the same time period.
ASIC said the pair failed to act properly and meet their obligations as company officers, including when Mr Yang offered incentives to Mr Maguire, who was the Member for Wagga Wagga between 1999 and 2018.
Mr Maguire was forced to resign as a result of a corruption inquiry in 2018.
The commission also found Mr Yang and Ms Feng:
- Failed to ensure UWE Hay, United World Enterprises, Griffith and SMU Holdings complied with their statutory obligations to the Australian Taxation Office
- Failed to maintain and keep adequate books and records for UWE Hay and United World Enterprises
- Improperly used their position to withdraw company funds from UWE Hay’s bank accounts without explanation for the use of the funds
- Improperly used their positions by permitting loans to be made from UWE Hay and United World Enterprises to other entities
- Improperly used their positions to allow United World Enterprises to enter into an agreement to sponsor a work visa in exchange for United World Enterprises receiving a financial loan
- Improperly used their positions to sell a vehicle owned by United World Enterprises and use the proceeds to purchase a new vehicle for UWE Hay, and
- Failed to prevent UWE Hay and United World Enterprises from insolvent trading.
ASIC said at the time of its decision, the companies owed a combined total of nearly $57 million, including almost $111,000 to the ATO, $6,500 for employee entitlements, as well as “significant debts to small businesses in the agriculture industry”.
Mr Yang and Ms Feng are both disqualified from managing corporations until December 17, 2030, and have the right to seek a review of the decision through the Administrative Review Tribunal.