Report in the Weekend Australian on 12 June 2010

There was a report in the Weekend Australian on 12 June 2010 about ASIC's investigation into the affairs of Storm. The report referred to:

  • a complaint that ASIC had allocated insufficient resources to pursuing action through the courts; and
  • the resignation in March 2010 of the senior ASIC employee who had previously had day to day conduct of the investigation.

ASIC's investigation into the affairs of Storm has at all times been allocated the resources needed to pursue all appropriate inquiries in a timely and thorough manner and to make any necessary preparation for litigation and enforcement measures.

The change in leadership of the investigation team in March has not affected the progress of ASIC's investigation. The composition of the team working on the investigation is largely unchanged. The investigation team continues to be subject to the direction and oversight of the Commission.

ASIC is conscious of the difficult financial position in which many Storm investors find themselves and is working expeditiously on the investor compensation and enforcement aspects of the investigation. 

ASIC Website: 01/10/2014

Last updated: 01/10/2014 11:52