ASIC on notice for inaccurate statements
Union Standard International Group (USGFX) has put the Australian Securities and Investments Commission (ASIC) on notice that it may bring proceedings against it for damages arising from inaccuracies surrounding an announcement.
The multi-asset Australian foreign exchange and derivatives broker allege that ASIC’s announcement regarding the Federal Court’s asset restraint orders against two corporate authorised representatives of USGFX while the corporate watchdog pursued investigations failed to mention a number of key matters.
“ASIC’s media release fails to mention a number of key matters, including that on 17 December, 2019 the Federal Court dismissed, effectively in full, the application as against USGFX,” USGFX said.
“In doing so Justice Gleeson of the Federal Court was highly critical of ASIC’s application as against USGFX, which was not substantiated by the evidence provided to the court.”
The firm noted that ASIC said the court had imposed orders restricting the overseas travel of USGFX director, John Carlton Martin, but that despite ASIC’s attempts to restrict his travel Martin was permitted to travel overseas.
“ASIC had been advised as to the inaccuracies included in its media release and USGFX has put ASIC on notice that it may bring proceedings against it for damages arising from its conduct in this matter,” it said.
Recommended for you
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
Following yesterday’s news about First Sentier Investors closing four investment teams, a second global asset manager has announced it is closing its only dedicated Australian fund.
