asic charges

I don't condone illegal acts but I believe most of the CNP directors charged over their role in producing misleading accounts for Centro will be found not guilty. This is not to say there has not been wrong doing in CNP, it is rather allocating blame or guilt to the correct parties at fault. The problem has to be traced back to the source rather than making all the directors the fall guys. Surely ASIC has had enough time to conduct a thorough investigation rather than just seizing the media headlines by charging all the CNP directors with the offence. Is ASIC really concerned with the original offence or just the media spotlight. As a company director & chairperson of a number of companies along with many other directors we sign accounts & documents based on the information supplied to us.
Section 189 of The Corporations Act states that a director can reasonably rely in good faith on information, if it is prepared by managers, or is prepared by advisers believed to have much the same qualifications.
Yes this mistake could have been picked up by a smart Year 11 accounting student but smart policemen don't charge everyone at the crime scene including witnesses, rather they interview the potential guilty parties & charge them accordingly. ASIC approach of just charging everyone at the crime scene is just wasting tax payers money & not sending any message to the business community when most like only a few of these directors at best will be found guilty. These charges say more about how ASIC is using tax payers money to regulate the business community.
Regards
Buffett