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Bunny bucks running out of steam

Discussion in 'Rugby League Forum' started by ManlyBacker, Oct 18, 2007.

  1. ManlyBacker

    ManlyBacker Winging it Staff Member

    +971 / 7
    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.
  2. Matabele

    Matabele Well-Known Member

    +466 / 6
    Gee they must be trembling in their boots at the thought of ASIc being after them. Perhaps they should engage the same lawyers as the oil companies.

    Then the enquiry will soon be moth-balled. LOL
  3. DSM5

    DSM5 Well-Known Member 2016 Tipping Competitor

    +516 / 0
    Just how much are they contracted to give to Souths Inc?

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