BOQ backflips on ASIC investigation
The Bank of Queensland has been forced to backflip on its assertion yesterday that it was not under specific investigation by the Australian Securities and Investments Commission (ASIC).
The bank informed the market this afternoon via the Australian Securities Exchange that it had become aware “as of late 25 June 2009, that it is the subject of a specific ASIC investigation”.
The bank yesterday issued a firm denial of any wrongdoing in its involvement with former clients of failed financial planning group Storm Financial, saying there was no evidence the bank has engaged in any misleading, deceptive or unconscionable conduct in relation to its lending with Storm clients.
In that same statement the bank said it was not under formal investigation by ASIC, nor had it received any legal proceedings from Slater and Gordon, the law firm representing many former Storm clients.
Today's brief statement said the bank was not aware it was the subject of a specific investigation prior to making its announcement yesterday.
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