ASIC found that Australian Golden Securities Ltd (formerly AFS Capital Securities) had failed to lodge financial and audit reports and failed to maintain adequate competence and capacity to provide the financial services covered by its AFS licence.
The cancellation is effective on 21 May. The licence was previously suspended until 21 May. Australian Golden Securities can continue limited operations until January 2021 in order to wind up its four registered managed investment schemes.
ASIC had previously banned Dr Bingxing Hu, a responsible manager of Australian Golden Securities, from providing financial services for a period of five years in April 2017. Dr Hu made an application with ASIC in June 2019 that resulted in the banning order being reduced from five years to four and a half years.
Dr Hu also applied for a review of that decision. That application was withdrawn, and Dr Hu remains banned from providing financial services.
