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Retail Solutions- Briefs

Retail Solutions- Briefs

Retail Solutions- Briefs

ASIC targets SA retailers . . .

The Australian Securities and Investments Commission (ASIC) has announced it is targeting retail companies in South Australia.

In a campaign of inspections, ASIC is looking to ensure that South Australian computer retailers are complying with corporations law and keeping accurate financial records.

According to ASIC's SA regional commissioner, Karen Axford, the computer retail industry was selected for attention because of concerns raised by consumers.

ASIC is reported to have consulted the Computer Industry Association when planning the current campaign.

The companies to be inspected don't have to wait for an unexpected knock on the door, but will be advised in writing.

. . . and yet records another convictionSydney-based computer supplier Avirnex Communications has been convicted and fined for misleading conduct by ASIC.

ASIC alleged Subramniam Shivapathasundram, also known as Richard Sundram, resigned as director of his company and appointed as his substitute Samy Venkapathy, a fictitious person with a fictitious address.

ASIC contended that the motive for Shivapathasundram's conduct was to avoid liabilities which Avirnex Communications had incurred.

As a result, Shivapathasundram, a computer supplier and Web site des-igner from Condell Park NSW, is banned from being a director of a company or taking part in the management of a company for a period of five years.

Amazon.com to sell software

Online retailer Amazon.com has announced the opening of four new stores, including one that will sell software. The other stores will sell video games, gifts and home improvement products. The stores open this week, in time for the Christmas retail boom.

Amazon also announced the acquisition of Tool Crib of the North, a tools and equipment catalogue company. Terms of the acquisition weren't disclosed.

Amazon.com didn't purchase Tool Crib's chain of five retail tool and equipment stores in North Dakota and Minnesota, which remain privately held.

Customers can browse through eight categories including electrical and lighting, hardware, housewares, lawn and garden, outdoor living, painting supplies, plumbing and tools. Shipping for items from the home improvement site costs $4.95 per item, regardless of size.http://www.amazon.com


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