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Investors get wind of ASIC's plans for Storm

Investors get wind of ASIC's plans for Storm

So determined is the regulator in its investigation into the beleaguered Storm Financial that it today launched a website for investors that suffered loss in the hands of the company.

SO determined is the regulator in its investigation into the beleaguered Storm Financial that it today launched a website for investors that suffered loss in the hands of the company.

ASIC today launched a new website for Storm investors that is aimed at keeping them investors informed of the progress of ASIC investigations and the outcome of commercial resolution discussions.

In March, ASIC announced that a major phase of the investigations into Storm had been completed. It said it would do what it could to avoid protracted litigation, and was seeking commercial resolution.

ASIC has entered into confidential discussions with some parties to see if a commercial resolution can be reached that ASIC would be prepared to recommend to investors, it said at the time.

The new website includes a public area containing general information about the investigations and a personal web page for investors who have suffered financial loss as a result of a Storm investment.

The personal web page provides these investors with a personal extract of their Storm investments based on information from Storm’s computer system.

In the future, ASIC expects to include information on the personal web pages that identifies any legal proceedings that it plans to commence to recover funds for Storm investors.


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