The ABC’s newest investigative reporter has laid his hands on transcripts of lengthy examinations by ASIC of the top executives of short-term credit provider Cigno.
ASIC has long had Cigno in its sights, with the corporate regulator and Cigno in dispute since 2019.
In May, the Federal Court found Cigno Australia Pty Ltd and BSF Solutions Pty Ltd (a related company) engaged in credit activity without an Australian Credit Licence and charged consumers prohibited fees.
The court also found that Cigno Australia director Mark Swanepoel and BSF Solutions director Brenton Harrison were involved in unlicensed activity and other Credit Act breaches.
Among the ABC’s revelations yesterday was that between July 2022 and June 2023 100,600 Cigno customers borrowed $34.7 million.
More than $70 million was charged in fees.
For example: a single A $250 loan accumulated more than $800 in fees.