10-111AD ASIC discontinues investigation into certain allegations in relation to Offset Alpine
Sunday 30 May 2010
In October 2003, ASIC publicly confirmed (MR 03-348) the commencement of an investigation into the veracity of certain information provided in 1995 to the then Australian Securities Commission and the Federal Court in connection with the beneficial ownership of shares in Offset Alpine Printing Pty Ltd (OAP).
In announcing that investigation, ASIC made it clear that the investigation did not extend to OAP itself. ASIC confirmed the commencement of the investigation because of the intense public interest in the matter.
ASIC has now completed that investigation and it will not be asking the Commonwealth Director of Public Prosecutions to consider bringing any proceedings. Although ASIC does not ordinarily comment on operational matters, as it made the earlier statement concerning OAP, it is making this statement to keep the public record up to date.
ASIC's investigation centred around section 64 of the ASIC Act. Under section 64 of the ASIC Act, it is an offence if a person, in the course of an ASIC examination, or otherwise in purported compliance with the Act, gives information or makes a statement that is false or misleading in a material particular. The offence carries a penalty of up to two years imprisonment.