A Cairns broker denies a recent court case is linked to his decision to sell his business to Far North Insurance Brokers.

Queensland Marine & General Insurance Brokers Director Peter Martinuzzi told insuranceNEWS.com.au Far North had made “an offer hard to refuse”.

“When we received the offer from Far North, after the recent events up here, we thought it was the right time to sell the business,” he said.

As part of the sales agreement, the Australian Securities and Investments Commission has cancelled the company’s Australian financial services licence.

Mr Martinuzzi was fined $10,560 earlier this year in the Brisbane Magistrates’ Court for underpaying two employees.

His broking company and associated Queensland Marine & General Insurance Management were also fined $22,000 each and ordered to pay the two former employees $21,479 in back-pay.

Mr Martinuzzi says his company has lodged an appeal against the fines and a hearing is expected in the early part of next year.