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| The Nationals Senator for New South Wales John Williams says legal proceedings may start before the end of the year over the collapse of Storm Financial.
During questioning by Senator Williams at Senate Estimates, the Australian Securities and Investments Commission said it will consider legal proceedings against certain parties at a meeting of its commissioners on the 24th of November. Senator Williams said ASIC indicated it is still keen to see a commercial resolution between the banks and the investors who have been financially ruined, but any such resolution would not negate legal proceedings if they are warranted. “Finally there is some light at the end of the tunnel for the thousands of people whose lives were turned upside down when the Storm Financial model failed late in 2008. There have been many assertions as to why this happened and who is at fault. In the middle of the finger pointing are the mums and dads who are still stunned that their financial nest egg has evaporated. Many have accepted the Commonwealth Bank’s offer of compensation, but others have held out demanding a better deal. There is still plenty of work to be done. I am pleased to see a target date announced when we might see ASIC pursue those responsible”, Senator Williams said. |
News Room Media Releases ASIC CONFIRMS ACTION MAY ARISE FROM STORM FINANCIAL COLLAPSE
Comments
"In the middle of the finger pointing are the mums and dads who are still stunned that their financial nest egg has evaporated."
For many, it wasn't just a nest egg, it was their home, savings, health, self esteem, their friends, their families, their life, their will to go on, their..... we all know it was so much more. We were/are decent ethical people who were/are still trying our best to make sure we were not a burden on any system or anyone. Senator Williams, what is in your mind when you say this.
“Finally there is some light at the end of the tunnel for the thousands of people whose lives were turned upside down when the Storm Financial model failed late in 2008."
Sorry, where is the light at the end of the tunnel, and which tunnel are we in, - is ASIC negotiating, opps, they are saying they are keen to see..................................."keen to see", means NOTHING! NOTHING! NOTHING!
"may" means NOTHING! NOTHING! NOTHING!
Struggle, sorrow and grief is what we have.
"Many have accepted the Commonwealth Bank’s offer of compensation, but others have held out demanding a better deal. There is still plenty of work to be done. "
There is more than one financial institution involved, and what is ASIC focusing on, CBA? only? Define compensation!
Sorry, am over words in the media by people who want to be seen as caring!!!!