Australia's financial regulator, the Australian Securities and Investment Commission (ASIC), has disqualified Jimmy Yang (also known as Jimmy Liu) and his wife Freda Feng from managing corporations until December 17, 2030. This decision follows the failure of their agribusinesses and their conduct as company directors.
Background
Mr. Yang and Ms. Feng served as directors for three agricultural companies between 2004 and 2025, with Mr. Yang also directing a personal services company during this period. ASIC determined that the couple failed to fulfill their statutory obligations as company officers.
Findings by ASIC
ASIC's investigation identified several instances of misconduct and non-compliance, including:
- Failing to ensure UWE Hay, United World Enterprises, Griffith, and SMU Holdings complied with Australian Taxation Office (ATO) obligations.
- Failing to maintain adequate books and records for UWE Hay and United World Enterprises.
- Improperly withdrawing company funds from UWE Hay's bank accounts without explanation.
- Permitting loans from UWE Hay and United World Enterprises to other entities.
- Allowing United World Enterprises to enter an agreement to sponsor a work visa in exchange for a financial loan.
- Improperly selling a vehicle owned by United World Enterprises to purchase a new one for UWE Hay.
- Failing to prevent UWE Hay and United World Enterprises from insolvent trading.
Link to Former MP
ASIC also noted that Mr. Yang offered incentives to Daryl Maguire, who served as the Member for Wagga Wagga from 1999 to 2018. Mr. Maguire resigned from his position in 2018 following a corruption inquiry.
Financial Impact
At the time of ASIC's decision, the companies collectively owed approximately $57 million. This total included nearly $111,000 to the ATO, $6,500 in employee entitlements, and substantial debts to small businesses within the agriculture sector. Mr. Yang and Ms. Feng retain the right to seek a review of ASIC's decision through the Administrative Review Tribunal.