The local arm of Corporate Travel Management is facing mounting regulatory pressure, with the Australian Securities and Investments Commission confirming it is investigating the travel giant, its directors and former auditor as the company races to resume trading on the ASX by the end of June.
Speaking during a Senate hearing on Friday, ASIC deputy chair Sarah Court revealed the regulator has been examining the Brisbane-based travel management company’s affairs since last year and has now refused any further extensions for overdue financial reporting, the AFR reported.
“From our perspective the financial year records are well overdue so we are considering action we might take in relation to that,” Court said.
CTM’s shares have been suspended from trading since August 2025 after auditors at Deloitte Australia, which replaced PwC at the end of 2024, identified concerns relating to earnings dating back to 2023.
Court said ASIC’s investigation extends beyond the delayed accounts and includes the company’s market disclosures and the conduct of its directors.
“We have an open investigation looking at continuous disclosure issues and directors duties,” she told the hearing.
A third aspect of the probe focuses on the audit work undertaken by PwC over a number of years. The development follows reports that PwC has appointed law firm Webb Henderson to investigate whistleblower allegations relating to its audits of CTM.
Court noted that legal privilege claims could complicate ASIC’s access to information arising from those reviews.
The travel company has been engulfed in controversy since admitting in November that it had overcharged the British government by $161 million for travel services. The matter later escalated, with CTM revealing in April that the amount owed had increased to $242 million and that it had been aware of the issue since 2022.
The company subsequently engaged KPMG UK to conduct a forensic investigation and announced the departure of founder and chief executive Jamie Pherous earlier this year.
While CTM has maintained its goal of restating its accounts and returning to trading before the end of the financial year, analysts have questioned how the business will manage its growing liabilities, with some suggesting fresh capital or a staggered repayment arrangement may be required.
For now, the clock is ticking as ASIC’s investigations continue and the company works to regain the confidence of investors, regulators and clients alike.
