Opposition questions ASIC
The Australian Securities and Investments Commission (ASIC) has found itself under scrutiny from the Federal Opposition over its failed legal action against West Australian iron ore miner Fortescue Metals.
The Opposition spokesman on Financial Services, Senator Mathias Cormann, has placed questions on notice to the Treasurer querying ASIC's approach to the Fortescue Metals issue and what the action and the resultant successful High Court appeal by Fortescue Metals chairman Andrew Forrest cost the regulator.
Cormann's questions also ask ASIC to detail what, if anything, it has learned from the exercise.
The senator has also asked whether ASIC is likely to act differently in the future and, if so, how?
In a unanimous ruling earlier this month, the High Court found Forrest did not breach disclosure laws about a deal Fortescue made with Chinese investors in Western Australia.
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