BREAKING: The Australian Securities and Investments Commission (ASIC) has just announced the disqualification of Riverina agri-business owners Jimmy Yang and Freda Feng for the maximum term of five years. This urgent decision follows serious breaches of corporate governance and financial misconduct linked to their management of multiple failed companies.
The ASIC investigation revealed that Yang and Feng, husband-and-wife directors of three agricultural enterprises, failed to meet their obligations as company officers. Their companies, including United World Enterprises (UWE) Hay Pty Ltd and Griffith Property Pty Ltd, collectively owe over $57 million to unsecured creditors, including debts to the Australian Taxation Office (ATO) and employee entitlements.
ASIC found that from 2004 to 2025, Yang and Feng improperly used company funds, neglected to maintain adequate records, and engaged in “phoenixing” tactics—an illegal practice of shutting down a company to escape debts and re-establishing it under a new name. Yang’s past attempts to revive UWE Hay as “Riverina Hay” sparked complaints to ASIC that were initially ignored, raising significant public concern.
In a troubling history dating back to June 2018, former MP Greg Aplin warned then-Premier Gladys Berejiklian about Yang and Feng’s financial dealings, alleging they owed over $150,000 to constituents. The scandal deepened with links to disgraced former MP Daryl Maguire, who faced his own legal challenges after connections to Yang and Feng were uncovered.
ASIC’s findings confirm a pattern of misconduct, including the misuse of director positions to withdraw funds without justification, facilitating loans to unrelated entities, and allowing companies to engage in insolvent trading. The disqualification comes after supplementary reports from liquidators Jamieson Louttit and Liam Bailey, who highlighted the dire financial state of these companies.
This decision is critical as it not only holds Yang and Feng accountable but also sends a strong message about corporate responsibility. ASIC maintains a register of banned individuals, emphasizing the importance of ethical management in Australian businesses.
As the situation develops, stakeholders in the agriculture industry and beyond will be closely monitoring the implications of this ruling. The impact on local businesses and employees could be significant as the fallout from these financial misdeeds continues to unfold.
For more updates on this story and its implications across the agricultural sector, stay tuned as we bring you the latest on this developing situation.
