The Australian Securities and Investments Commission has disqualified husband-and-wife directors Jimmy Yang (also known as Jimmy Liu) and Freda Feng from managing corporations for the maximum period of five years, following the collapse of a group of agriculture businesses linked to a New South Wales corruption scandal. The disqualification runs until 17 December 2030. ASIC’s findings included failures to act properly and meet officer obligations, including Mr Yang’s improper use of UWE Hay Pty Ltd funds and his position as a director to offer incentives to former NSW MP for Wagga Wagga Daryl Maguire. The regulator also found failures to ensure compliance with Australian Taxation Office obligations, inadequate books and records, unexplained withdrawals from UWE Hay bank accounts, permitting loans from UWE Hay and United World Enterprises to other entities, a work visa sponsorship agreement in exchange for a financial loan, misuse of vehicle sale proceeds, and failures to prevent insolvent trading. At the time of the decision, UWE Hay, United World Enterprises, UWE - Griffith Property and SMU Holdings owed unsecured creditors a combined AUD 56,830,527.44, including AUD 110,862.60 owed to the ATO; ASIC relied on supplementary liquidator reports and provided funding support through the Assetless Administration Fund. Mr Yang and Ms Feng can seek a review of the decision by the Administrative Review Tribunal.
Australian Securities & Investments Commission 2026-01-13
ASIC disqualifies agri-business directors Jimmy Yang and Freda Feng for five years over alleged misconduct and insolvency failures
The Australian Securities and Investments Commission has disqualified directors Jimmy Yang and Freda Feng from managing corporations for five years due to their involvement in the collapse of agriculture businesses linked to a New South Wales corruption scandal. ASIC cited failures in compliance, improper fund use, and inadequate record-keeping, with the companies owing unsecured creditors AUD 56.8 million.