SYDNEY, Jan. 31 -- Australian Prudential Regulation Authority issued the following media release:
The Federal Court of Australia has today dismissed the judicial review application of BUSS (Queensland) Pty Ltd (BUSSQ), which sought to set aside APRA's decision to impose additional licence conditions on BUSSQ, announced on 14 August 2024.
The additional licence conditions were imposed to address prudential concerns regarding BUSSQ's fitness and propriety processes and fund expenditure management in light of allegations of serious misconduct within the Construction, Forestry and Maritime Employees Union (CFMEU) and the steps taken by state and federal governments and the Fair Work Commission.
APRA Deputy Chair Margaret Cole said: "APRA ini...