Email update from ASIC Chairman Tony D’Aloisio to SICAG Joint Chairmen Noel O’Brien and Mark Weir
22 December 2010
I am writing to advise you (and through you the Storm investors), that we have not been able to achieve a satisfactory outcome in the confidential commercial discussions with key parties in relation to compensation. Because of the age and financial means of the investors, we have maintained that a suitable commercial resolution was preferable to court proceedings and we are disappointed that we have not been able to achieve a satisfactory outcome.
We have today lodged with relevant courts legal proceedings, details of which are in our media release which, in the usual way, will be posted on the ASIC Storm Financial website and posted in hard copy to those investors who may not have access to the website.
I would like to assure you and the investors that ASIC will progress these actions as quickly as it can, although it is important to note that the timetable will be largely set by the courts.
We will provide further updates on our website on these actions as appropriate. As our investigations are not complete, we may also bring further actions.
At a personal level, may I pass on my compliments of the season to you and the Storm investors and hopefully 2011 will see more progress towards resolving these claims. I and members of the ASIC team will meet with you in February to go into more detail about the nature and scope of our legal proceedings relation to compensation.
ASIC Website: 01/10/2014