The Administrative Appeals Tribunal (AAT) has set aside a decision by ASIC to ban Paul Ernest Dortkamp from performing functions as an officer and responsible manager of a financial services business.

Mr Dortkamp of Caringbah South, New South Wales, formerly a director, chairman and responsible manager of Spaceship Capital Limited, was banned by ASIC on 2 June 2022 for a period of two years.

On 20 December 2022, the AAT delivered its decision on his application for review of ASIC’s decision. Deputy President Rayment OAM QC concluded that, based on the evidence at the AAT hearing, he was not satisfied that Mr Dortkamp failed to act, did not understand the financial services which his company was providing, or is incompetent.