Storm's Cassimatis faces Federal Court
Storm Financial principal Julie Cassimatis has faced the Federal Court over a misplaced $2 million.
STORM Financial principal Julie Cassimatis told The Federal Court yesterday that she never received an email sent by the company's chief financial officer saying she and her husband were not entitled to the $2 million they took out of the company as it faced insolvency.
Lawyers Mallesons Stephen Jaques and PricewaterhouseCoopers had previously advised the payment was not legal. Lawyer Craig Wilkins, acting for Storm liquidator Worrells, produced an email from the company's joint CFO Lauren Davies to Mrs Cassimatis, which detailed this fact.
In the email, Davies asked that the payment be reversed, but Mrs Cassimatis denies getting the email or knowing about it.
As the money was pulled from the company, the company itself was facing an $11 million debt to the Australian Taxation Office. It went into voluntary administration a month later in January.