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ASIC has a Win

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ASIC comes in for a fair share of flack on this forum, so it is good to report a victory, the James Hardie-Asbestos Case.



http://business.smh.com.au/business...rdie-and-asic-scores-a-win-20090424-ai2n.html

"Of the eight witnesses called who attended a fateful board meeting on February 15, 2001, not one gave evidence that the central document of the case - a media release about asbestos compensation - was tabled at the meeting.

Nor did it help the Australian Securities and Investments Commission when it produced transcripts of earlier sworn statements from two key players in the drama who have since died, the James Hardie chairman Alan McGregor and a partner of law firm Allens Arthur Robinson, Peter Cameron.

Neither of them mentioned the release being tabled either.

With some understatement, Justice Ian Gzell said in his Thursday judgment that this lack of "positive evidence" from 10 witnesses did "not augur well for ASIC".

And the fierce fight put up by the defendants was hardly auspicious for the plaintiff. All had big reputations to protect, were able to rely on corporate indemnities to fund their share of what the judge described as "the enormous cost of this venture" and are, as he put it, "intelligent people".



gg
 
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ASIC comes in for a fair share of flack on this forum, so it is good to report a victory, the James Hardie-Asbestos Case.



http://business.smh.com.au/business...rdie-and-asic-scores-a-win-20090424-ai2n.html

"Of the eight witnesses called who attended a fateful board meeting on February 15, 2001, not one gave evidence that the central document of the case - a media release about asbestos compensation - was tabled at the meeting.

Nor did it help the Australian Securities and Investments Commission when it produced transcripts of earlier sworn statements from two key players in the drama who have since died, the James Hardie chairman Alan McGregor and a partner of law firm Allens Arthur Robinson, Peter Cameron.

Neither of them mentioned the release being tabled either.

With some understatement, Justice Ian Gzell said in his Thursday judgment that this lack of "positive evidence" from 10 witnesses did "not augur well for ASIC".

And the fierce fight put up by the defendants was hardly auspicious for the plaintiff. All had big reputations to protect, were able to rely on corporate indemnities to fund their share of what the judge described as "the enormous cost of this venture" and are, as he put it, "intelligent people".



gg
It is about time Asic had a win.
I consider ASIC to be a one in a thousand regulator.
For every thousand valid complaints they investigate one.
In their current under-funded form they are effectivly worse than useless.
As insolvency and other professionals who operate under their control are well aware of their limitations and innocent victims under their control like me assume that valid and documented cases of fraud will be investigated.
When the contacted me i was asked questions like "what is the public sentimate like" In troubled times like like now ASIC has even more demands placed on it to act as a regulator and the last puplic comments i heard was about reducing funding. Should ASIC be given funding to enable it to iinvestigate all valid complaints or just the very public ones?
 
Joined
Jan 2, 2006
Posts
9,983
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1,672
It is about time Asic had a win.
I consider ASIC to be a one in a thousand regulator.
For every thousand valid complaints they investigate one.
In their current under-funded form they are effectivly worse than useless.
As insolvency and other professionals who operate under their control are well aware of their limitations and innocent victims under their control like me assume that valid and documented cases of fraud will be investigated.
When the contacted me i was asked questions like "what is the public sentimate like" In troubled times like like now ASIC has even more demands placed on it to act as a regulator and the last puplic comments i heard was about reducing funding. Should ASIC be given funding to enable it to iinvestigate all valid complaints or just the very public ones?
Is this because

The task is so immense
The wit is lacking
Or they are underfunded as an organisation?

gg
 
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Is this because

The task is so immense
The wit is lacking
Or they are underfunded as an organisation?

gg

Hi GG

If the were provided the funding the task would be achievable.
In my case ... They only need enough funding so that professional would assume that they may get caught and the would not have tried it. The police force does not recieve enough funding to eliminate crime, but most criminals except that they may get into trouble, because all valid complaints to the police are investigated.
Why should ASIC as regulator be any different.

Cheers,
Basilica
 
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