The gambling industry involves a level of risk for all participants. Generally, the focus is on the risk faced by customers. However, risk also exists for management and executives of gambling companies. Gambling businesses deal with customers, some of whom suffer significant losses and feel aggrieved as a result. This occasionally gives rise to threats of violence against the directors, senior officers and employees of the business, and their families.
While the Corporations Act 2001 (Cth) (Act) requires each company director to disclose their actual place of residence on the public databases, there is provision under the Act for a company to make an application to keep private the residential address of their directors. Similar procedures exist in other countries, such as the United Kingdom.
The Australian Securities & Investments Commission (ASIC), the Australian companies regulator, appreciates the particular safety risks to which directors of certain businesses (and their families) can be exposed. Addisons has recently made an application successfully to suppress the residential addresses of directors of an overseas gambling operator. This application was made on the basis that making available the directors' residential addresses publicly would place the personal safety of those directors (and members of their families) at risk.
Where an application for suppression of residential address is granted, ASIC will manually remove all references to the relevant director's residential address on its records (which may involve companies outside the gambling sector) and replace it with an alternative address nominated by that director.
If you would like further information about this procedure, including how an application for suppression of residential address can be made to ASIC, please contact us.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.