When the Coalition launched its extraordinary attacks on Australia Post CEO Christine Holgate last October - over an incident which occurred two years earlier - it knew it was on the cusp of being engulfed in a completely seperate major scandal of its own.

Karen Chester is the last person standing at the helm of the corporate corruption watchdog who is not personally involved in serious alleged corruption. She is refusing to stand by the Federal Government’s claims that no wrongdoing has occurred.

The corporate regulator ASIC has allegedly been the victim of the most serious case of alleged internal fraud in its existence, it reports.