Derivex & ASIC investigation update

From their web site…

News Update
1) How is the ASIC investigation progressing?
ASIC have issued three separate demands for all loan applications, company books and documents to be delivered up to them. The first was issued on January 13th 2005 in direct response we believe to a formal complaint from the MIAA, a national lobby group representing the banking and mortgage industry in Australia. A second was issued in February and the most recent on April 13th 2005. Derivex Limited no longer holds any company books, documents or loan applications. Subsequently it has been decided to suspend company operations in Australia until ASIC complete their investigations. ASIC has refused to indicate the nature of the alleged breaches they are investigating and continue to maintain that their “complainant” remain anonymous.

2) Will Derivex licence products in Australia?
When ASIC complete their investigation and report the details of the nature of any breach and what remedies if any should apply then Derivex will take further legal advice and assess their legal position.

3) What if I sent in an application to pre-qualify?
Derivex Limited does not hold your application or related documents they are all held by ASIC subject to demands served 13/1/05-13/4/05.

4) How do I get my private documents returned to me?
We suggest that any individual with private documents held by ASIC instruct their solicitor to contact ASIC to arrange a return forthwith.

5) When will a determination from ASIC be forthcoming?
It was anticipated ASIC would conduct a review in good faith and that it would be concluded in a reasonable period of time. That has not been the case in our view. We can only await their determination and take steps to qualify such determination subject to local legal advice.

6) What is Derivex’s position on this matter?
Derivex Limited reserves it’s legal rights to claim all direct costs and damages incurred during the period commencing 13th January 2005.