ASIC has provided an update on recent activity in the Westpoint, Fincorp and Australian Capital Reserve (ACR) matters.
In respect of Westpoint, ASIC is continuing investigations to determine whether compensation (e.g.
under section 50 of the ASIC Act) is available. ASIC expects to make
decisions on these matters by 31 October 2007. ASIC is also pursuing criminal prosecutions and banning applications.
In respect of Fincorp, ASIC has frozen assets and is continuing investigations.
In respect of ACR, ASIC is working with administrators on strategies to maximise the return for noteholders and creditors.