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Winging it
ASIC outlines fuel pill inquiry
Elisabeth Sexton
October 18, 2007
THE corporate regulator's investigation into "fuel pill" developer Firepower Holdings focuses on "false, dishonest, misleading or deceptive" conduct, Federal Court documents show.
Legal breaches suspected by the Australian Securities and Investments Commission include offering securities without a current disclosure document, operating without a financial services licence and engaging in dishonest conduct in relation to financial products.
Lawyers for ASIC were due in court this week to defend notices requiring people connected with Firepower to provide documents and attend examinations.
At the last minute the challenges by Firepower's chairman Tim Johnston, former chief executive John Finnin and two corporate vehicles were dismissed by consent.
Justice Ronald Sackville ordered the Firepower parties to pay ASIC's costs of $10,000.
In April ASIC sought documents from the British Virgin Islands company Firepower Holdings Group about a planned listing on London's Alternative Investment Market. The notice, sent care of accountants KPMG in Perth, also wanted details of Firepower's shareholder seminars, and the testing of "any product marketed or sold" by it.
Elisabeth Sexton
October 18, 2007
THE corporate regulator's investigation into "fuel pill" developer Firepower Holdings focuses on "false, dishonest, misleading or deceptive" conduct, Federal Court documents show.
Legal breaches suspected by the Australian Securities and Investments Commission include offering securities without a current disclosure document, operating without a financial services licence and engaging in dishonest conduct in relation to financial products.
Lawyers for ASIC were due in court this week to defend notices requiring people connected with Firepower to provide documents and attend examinations.
At the last minute the challenges by Firepower's chairman Tim Johnston, former chief executive John Finnin and two corporate vehicles were dismissed by consent.
Justice Ronald Sackville ordered the Firepower parties to pay ASIC's costs of $10,000.
In April ASIC sought documents from the British Virgin Islands company Firepower Holdings Group about a planned listing on London's Alternative Investment Market. The notice, sent care of accountants KPMG in Perth, also wanted details of Firepower's shareholder seminars, and the testing of "any product marketed or sold" by it.
