The Australian Securities and Investments Commission (ASIC) has disqualified former Queensland resident Yuetu Ma (also known as Jack Ma) from managing corporations for four years arising from his role as a director of failed companies Warwick Gold Holdings Pty Ltd and Impact Gold Ltd.

Warwick Gold and Impact Gold entered liquidation in 2024 with substantial shortfalls. Mr Ma was a director of Warwick Gold from 20 June 2023, until it was wound up by Court order on 8 February 2024, and he was a director of Impact Gold from 28 February 2024, until it was wound up by Court order on 10 September 2024.

Both companies issued shares to raise funds for purported gold and precious metal mining operations in Papua New Guinea (Impact Gold) and Queensland (Warwick Gold). When the companies entered liquidation, $44 million had been raised from around 400 shareholders, with no assets having been identified.

The regulator found that Mr Ma failed to meet his obligations as a director because his management of the companies fell well below the standard expected of Australian directors.

ASIC’s findings included that Mr Ma:

• (most seriously) failed to take part in the management of the companies
• failed to act or make all reasonable enquiries about Impact Gold’s solvency and to take reasonable steps to ensure that it (as a public company) kept financial records, and
• failed to assist the liquidators of Warwick Gold and Impact Gold by providing required information.

Mr Ma is disqualified from managing corporations until 21 September 2030. He has the right to seek a review of ASIC’s decision by the Administrative Review Tribunal.