Corporate cop sues former Super Retail boss, alleging he misled the market

The Australian Securities and Investments Commission has taken legal action against former Super Retail Group chief executive Anthony Heraghty, alleging he breached his directors’ duties and provided misleading information to the board and financial market concerning his relationship with the group’s former head of human resources.

ASIC alleges Heraghty, who was recently hired by appliance group Winnings for an expected float on the ASX, failed to disclose and manage conflicts of interest arising from an alleged undisclosed relationship he had with a senior executive at the company.

Super Retail Group sacked Anthony Heraghty last year over his disclosures about the alleged relationship.Dan Peled“ASIC alleges Mr Heraghty put himself in a position where his personal interests conflicted with his duties to Super Retail Group and that he failed to properly disclose and manage that conflict,” ASIC chair Sarah Court said.

“The allegations in this matter raise important issues about governance, transparency and trust in the information provided to boards and the market.”

ASIC alleges Heraghty continued to supervise Jane Kelly, the HR boss, and took part in decisions affecting her employment, remuneration, incentives, rewards and redundancy package. He also allegedly participated in board and committee discussions of complaints and anticipated legal proceedings concerning the alleged undisclosed relationship.

“This case is not about private relationships, but whether a director properly disclosed and managed conflicts of interest and met their duties to the company and shareholders,” Court said.

In 2024, Super Retail’s former chief legal officer Rebecca Farrell and former company secretary Amelia Berczelly launched separate legal actions against their previous employer for allegedly punishing them for trying to bring to light allegations about Heraghty having a relationship with Kelly and the alleged inappropriate use of company funds to further the relationship.

The legal battle ultimately cost Super Retail $40 million, according to disclosures in its financial accounts.

Heraghty also allegedly provided or authorised information to be released to SRG’s board and the market that omitted information concerning the alleged undisclosed relationship and was therefore misleading, ASIC said.

Winnings has been approached for comment.

The Australian Financial Review reported on Monday that an internal note to Winning staff said the board expressed support for Heraghty.

The announcement comes just one year after Super Retail, which owns Rebel Sport, BCF, and Supercheap Auto, sacked Heraghty for misleading the company about an alleged relationship that led to the legal battle with its former top lawyers.

The retailer said Heraghty had been fired with immediate effect for misleading the company about the nature of his relationship with its former head of human resources. Super Retail’s board of directors also chose to scrap his incentives of $8.7 million, and a $620,760 cash bonus which was not paid.

“The board made this decision after receiving new information from Mr Heraghty regarding his relationship with the company’s former chief human resources officer,” the company said in its statement last year.

“In light of this new information, the board has concluded Mr Heraghty’s prior disclosures were not satisfactory.”

Super Retail settled the matter with Berczelly and Farrell within weeks of Heraghty’s sacking.

A Super Retail spokesman said it is aware that ASIC had commenced proceedings against Heraghty.

“Super Retail Group is not a party to those proceedings. Mr Heraghty’s employment was terminated with immediate effect by Super Retail Group on 15 September 2025,” he said.

ASIC is seeking declarations of contravention, pecuniary penalties and disqualification orders against Heraghty in the Federal Court.

This includes multiple breaches of S180 of the Corporations Act relating to his failure to exercise his powers and discharge his duties with the care and diligence that a reasonable person would exercise. Breaches of this section of the Corporations Act can attract a maximum penalty of up to $1.56 million per breach for contraventions that occurred during 2022-2024.

ASIC also alleges Heraghty breached section 1309(2) of the Corporations Act by giving, or making available, information relating to the company’s affairs that was misleading and carries a similar fine for breaches during 2024.

Heraghty has been approached for comment via Winnings, and will have the opportunity to file a defence to ASIC’s allegations in due course.

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