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Friday 16 October 2020

20-245MR Finance broker charged with making a false statement to ASIC

Mr Henan Gao of New South Wales, a mortgage broker and director of Shinning Crown International Pty Ltd (SCI), has been charged with one count of knowingly making a false statement in a credit licence annual compliance certificate lodged with ASIC. On 13 October 2020, Mr Gao entered a plea of not guilty to the charge.

SCI held an Australian credit licence and operated a mortgage brokerage business in Sydney. Mr Gao was the sole fit and proper person and responsible manager of SCI’s credit licence. 

ASIC alleges that subsequent to Mr Gao’s lender accreditation with ANZ being suspended, Mr Gao, on behalf of SCI, completed and submitted a credit licence annual compliance certificate to ASIC, in which he certified that none of SCI’s fit and proper people had accreditation cancelled or suspended by a lender.

The alleged offending is contrary to section 225(3) of the National Consumer Credit Protection Act 2009.

The matter has been adjourned to 11 and 12 March 2021 before the Downing Centre Local Court for hearing.

The Commonwealth Director of Public Prosecutions is prosecuting the matter after a referral from ASIC.


Australian credit licence (ACL) holders are required to identify the people involved in the management of their credit businesses, known as fit and proper people. 

ACL holders are also required to annually lodge an ACL compliance certificate with ASIC, in which licensees are required to certify that they are complying with their credit licence obligations. 

SCI’s Australian credit licence was cancelled by ASIC under section 54 of the National Consumer Credit Protection Act 2009 on 9 November 2018.

Editor's note:

On 16 February 2021, the matter was before the Downing Centre Local Court for pre-hearing mention. The matter was adjourned to 2 March 2021.

Last updated: 30/03/2021 09:22