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Administered by: Treasury
Published Date 08 Jan 2020

Approval to hold a stake in a financial sector company of more than 20%

Financial Sector (Shareholdings) Act 1998

 

SINCE:

 

A.                James Tong, Zoe Hao Chen Tong and the person(s) named in the attached Schedule (the applicants) have applied to the Treasurer under section 13 of the Financial Sector (Shareholdings) Act 1998 (the Act) for approval to hold a stake of more than 20% in IN1Bank Ltd ABN  62 627 541 011 (IN1);

 

B.                 I have considered the matters prescribed in the Financial Sector (Shareholdings) Rules 2019; and

 

C.                 I am satisfied that IN1 is a company to which subsection 14A(3) of the Act applies, and the criteria in subsection 14A(1) of the Act are met in relation to the applicants and IN1,

 

I, John Lonsdale, a delegate of the Treasurer, under paragraph 14(1)(b) of the Act, APPROVE the applicants holding a stake of 70.88% stake in IN1.

 

Under subsection 16(1) of the Act, this Approval is subject to the conditions set out in the attached Schedule.

 

This Approval takes effect on the day that it is signed and remains in force for the period worked out under section 15A of the Act.

 

 

Dated: 12 December 2019

 

[Signed]

 

John Lonsdale

Deputy Chair

APRA

Interpretation

In this instrument:

 

financial sector company has the meaning given in section 3 of the Act.

relevant licensed company has the meaning given in section 3 of the Act.

stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.

unacceptable shareholding situation has the meaning given in section 10 of the Act.

 

Note 1    Under section 21A of the Act, the relevant licensed company for an Approval under paragraph 14(1)(b) of the Act must give written notice to APRA and the holder of the Approval within 10 days of the day that the value of the total resident assets of the company first exceeds the assets threshold for the company (threshold day).  Under subsection 16A(2) of the Act, the holder of the Approval must give written notice to the Treasurer within 30 days of receiving a notice under section 21A, specifying whether the holder intends to reduce the stake to ensure that an unacceptable shareholding situation does not come into existence or apply for an approval under paragraph 14(1)(a) of the Act. Under subsection 15A(1) of the Act, an Approval under paragraph 14(1)(b) of the Act remains in force until the end of 2 years after the threshold day. Section 15A sets out the circumstances in which the timeframe may be extended if the holder of the Approval applies for approval under paragraph 14(1)(a) of the Act.

 

Note 2    The circumstances in which the Treasurer may revoke a person’s Approval under section 14 are set out in subsection 18(1) of the Act.

 

Note 3    Section 19A of the Act provides for flow-on approvals for an Approval under paragraph 12(1)(b) of the Act.  Under subsection 19A(1), if an Approval has been granted for the holding of a stake in a financial sector company that is a holding company of the relevant licensed company for the approval, then an approval is taken to exist for the holding of a stake of equal value in the relevant licensed company and each financial sector company that is a 100% subsidiary of the holding company. Under subsection 19A(4), if an Approval has been granted for a company to hold a stake in a financial sector company, there is taken to be in force at that time an approval for each officer of the company to hold the same percentage stake in the financial sector company.

 

Note 4    Under section 14 of the Act, the Treasurer must give written notice of this Approval to the applicant and financial sector company or relevant licensed company concerned, and must publish a copy of this notice in the Gazette.

 

 

 


 

Schedule – the persons who applied for approval

 

1.             TFT Managers Pty Ltd ACN 600 520 278 as trustee for Tong Family Trust

 

2.             Secvest Capital Pty Limited ABN 20 152 000 756

 

3.             Zishu An

 

4.             Alnoor Premji and Salma Premji

 

5.             Stephen Van Der Mye

 

6.             Franck and Lisa Demoiseau Pty Ltd ACN 159 332 171 as trustee for The Franck and Lisa Demoiseau Family Trust

 

7.             Choong Lan Yap

 

8.             David Chin

 

Schedule – the conditions

 

Limits on individual shareholdings

 

(1)          James Tong and Zoe Tong must not hold direct control interests greater than 51.37 per cent in aggregate in IN1 without prior approval from the Treasurer or a delegate of the Treasurer.[1]

(2)          No associate of James Tong and Zoe Tong may hold a direct control interest greater than 20 per cent in IN1 without prior approval from the Treasurer or a delegate of the Treasurer. The associates of James Tong and Zoe Tong are the persons named in the Schedule of persons who applied for approval.

 

In this Schedule:

direct control interest has the meaning given in the Act.

 



[1] Under subclause 11(2) of the Schedule to the Act, a person’s direct control interest in a company (the second level company) includes the person’s direct control interest in a company (the first level company) multiplied by the first level company’s direct control interest in the second level company.