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From the Derivex website

News Update – As at 13/9/05
1) How is the ASIC investigation progressing?
ASIC have issued four separate demands for company books and documents to be delivered to them. The first was January 13 2005 in direct response we believe to a formal complaint from the MIAA, the national lobby group that represents the bank and mortgage industry in Australia. The second was February 2 2005, the third on April 13 2005 and the fourth and the most recent on June 28th 2005. ASIC refuse to indicate the nature of the alleged breach/s and continue to maintain that their banking industry complainant remain anonymous.
2) 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.
3) What is Derivex’s position on this matter?
The Derivex Group reserves it’s legal rights to claim all costs and any damages incurred during the period commencing 13th January 2005.
4) Letter dated 13/9/05 to applicants seeking to pre-qualify.
“We enclose the originals of loan application documents forwarded for loan pre-qualification.
We regret that we have been unable to licence and subsequently have released our product range in Australia to this time. It is now our belief that ASIC will ensure we will not be able do so in the foreseeable future. Since 13/1/05 and as recently as today ASIC have refused to identify a breach issue to us and refuse to sit in a meeting and identify the issues they have.
As you are now aware ASIC held your loan application and all related documents subject to a series of demand notices served upon Derivex Limited and subsequent to a complaint lodged by the MIAA the lobby group representing bank and mortgage industry interests in Australia.
These loan applications for pre-qualification were held by ASIC subject to document seizure notices served on us from 13/1/05. They were only returned to us after we publicly notified applicants where their documents were held and their legal representatives contacted ASIC.
In addition ASIC still have possession of and continually refuse to return company registers.
We are legally constrained by ASIC from discussing matters under notice in a public forum until they provide a written release to us; and, until their breach notice findings are formally communicated to us we are unable to discuss or contract product licencing for our proposed product range/s in Australia. At the same time ASIC’s personnel have actively defamed and intimidated and actively canvassed individuals to manufacture a complaint; and have issued defamatory press releases in concert with a 20,000 nation-wide email “smear” sent by the MIAA.
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.
We sincerely thank you for your personal interest and support; and, invite you to reapply to the local licencee for the Australian market when we are able to formalise this appointment.”
5) Have you received your application fee if you enclosed one?
Derivex Asset Management Limited has returned all cheques held or refunded any application fee deposited. If anyone has not received an application fee cheque return or refund and is entitled to please email [email protected] and advise your application details immed

Regards
Bryce Inglis
Financial Advisor
[email protected]

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