Helen Coonan (NSW, Liberal Party, Minister for Communications, Information Technology and the Arts) Share this | Hansard source

ASIC is doing its utmost to assist investors in recovering their losses. ASIC is keeping licensed planners who promoted the Westpoint investments under close observation. It has announced that it will require them to report on a monthly basis about how they are dealing with client complaints and losses. The purpose of that, of course, as Senator Wong would appreciate, is to ensure that investor complaints and compensation claims are dealt with both quickly and fairly. ASIC is taking action to trace and secure as many assets as possible for distribution to the Westpoint investors. There are certainly indications that some Westpoint directors entered into transactions in the lead-up to insolvency, which may be voidable and may allow funds to be claimed back for distribution to creditors. ASIC is currently questioning group founder, Norman Carey, in court about his personal wealth, after Mr Carey claimed to possess only minimal assets.