The corporate regulator has formally opened an investigation into online retailer Kogan after two of its most senior executives including founder Ruslan Kogan struck a profitable options deal with the board, enriching them collectively by more than $17 million.

The Australian Securities and Investments Commission is looking at the board’s treatment of so-called retention options for chief executive Mr Kogan and chief financial officer David Shafer, which were issued in 2020 and paid out on April 4.