iscover Husband-and-wife directors land 5-year ASIC ban, owing over $56m to creditors
RegulationA husband and wife duo have been banned from managing companies for five years after a slew of their companies collapsed and they were embroiled in a NSW corruption scandal.
ASIC has disqualified two former company directors from managing corporations for the next five years after the corporate watchdog found they failed to act properly and meet their obligations as company officers.
The husband and wife duo, Jimmy Yang and Freda Feng, directed three failed agricultural companies from 2004 to 2025: United World Enterprises, UWE Hay and Griffith.
The pair was also embroiled in a NSW corruption scandal, with ASIC finding that Yang had improperly used UWE Hay’s funds to offer incentives to former NSW MP for Wagga Wagga, Daryl Maguire.
In 2025, Maguire was found guilty of misleading the NSW Independent Commission Against Corruption (ICAC) regarding his property development dealings. He was handed a 10-month jail sentence as a result.
ASIC found that Yang and Feng had failed to keep adequate books, improperly used their position to withdraw company funds without explanation and failed to prevent the companies from insolvent trading.
Furthermore, ASIC found they had failed to comply with statutory obligations to the ATO and owed the Tax Office over $110,000. They also owed $6,500 for employee entitlements and $2,200 for workers’ compensation, alongside significant debts to small businesses in the agriculture industry.
In total, their four companies, including Yang’s business and personal services company SMU Holdings, owed a combined $56,830,527 to unsecured creditors.
ASIC disqualified the pair from managing corporations until December 2030.
In full, the corporate watchdog found that Yang and Feng had:
- Failed to ensure UWE Hay, United World Enterprises, Griffith and SMU Holdings complied with their statutory obligations to the ATO.
- Failed to maintain and keep adequate books and records for UWE Hay and United World Enterprises.
- Improperly used their position to withdraw company funds from UWE Hay’s bank accounts without explanation for the use of the funds.
- Improperly used their positions by permitting loans to be made from UWE Hay and United World Enterprises to other entities.
- Improperly used their positions to allow United World Enterprises to enter into an agreement to sponsor a work visa in exchange for United World Enterprises receiving a financial loan.
- Improperly used their positions to sell a vehicle owned by United World Enterprises and use the proceeds to purchase a new vehicle for UWE Hay.
- Failed to prevent UWE Hay and United World Enterprises from insolvent trading.
Emma Partis
Emma Partis is a journalist at Accountants Daily and Accounting Times, the leading sources of news, insight, and educational content for professionals in the accounting sector. Previously, Emma worked as a News Intern with Bloomberg News' economics and government team in Sydney. She studied econometrics and psychology at UNSW.
