Response to letter to the editor, 'ASIC being anything but a mine of information', page 33

14 December 2013
Letters to editor
'Townsville Bulletin'
Delivery by email: letters@townsvillebulletin.com.au

ASIC understands Kagara's predicament is a serious matter which has had devastating consequences for creditors.

ASIC has been receptive, and responsive, to concerns around the administration.

ASIC is not withholding information about Kagara's administration. Creditors and other members of the public can search ASIC's databases for information lodged by the external administrators about the administration as they could with any other matter. This includes information about the financial position of Kagara as set out in six monthly accounts of receipts and payments lodged by FTI.

However, it goes without saying that the external administrators only need to provide the information required by the current law. Creditors seeking additional information about Kagara's administration should contact the administrators of Kagara, FTI Consulting.

The public can be assured ASIC has resources dedicated to this matter and that all procedures and processes have been, and are being, properly carried out.

John Price, Commissioner, Australian Securities and Investments Commission
This letter was published on 14 December 2013