Helen Coonan (NSW, Liberal Party, Minister for Communications, Information Technology and the Arts) Share this | Hansard source

In relation to ASIC actions against Westpoint, they have been quite significant. As Senator Sherry would no doubt be aware, ASIC started investigating the Westpoint mezzanine financing back in 2002. There were a number of actions taken, which included keeping investors informed about court proceedings against Westpoint. An announcement on the case was placed on ASIC’s website in order to keep people informed. In June 2004, ASIC wrote to each investor in the two mezzanine financing schemes which formed the substance of the court action, informing them about ASIC’s concerns.

It is important to understand that ASIC does not prudentially regulate companies such as Westpoint. Westpoint directors were providing statements that Westpoint was solvent as late as 2005. Westpoint auditors were at the same time providing unqualified financial statements for the Westpoint entities and, with respect to the current matters, they are— (Time expired)