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Wednesday 4 February 2009

AD09-11 Storm Financial – court order freezing $2 million payment

ASIC has obtained orders from the Supreme Court of Queensland freezing a payment of $2 million from Storm Financial Limited to a bank account held by Emmanuel Cassimatis & Associates Pty Ltd. Emmanuel and Julie Cassimatis are both directors and shareholders of Emmanuel Cassimatis & Associates Pty Ltd.

The amount of $2 million was transferred from a bank account of Storm Financial Limited on 15 December 2008, within one month of the appointment of voluntary administrators to the company. ASIC is concerned that, on the information available to it, there does not seem to be a proper basis for the payment. ASIC has moved the Court for an injunction, requiring the money to be returned to Storm Financial Limited.

The Court orders restrain Emmanuel Cassimatis, Julie Cassimatis and Emmanuel Cassimatis & Associates Pty Ltd from paying, transferring or otherwise dealing in any way with the money.

The Court made the orders on Friday 30 January 2009 and extended the orders on Tuesday 3 February 2009.

The matter has been adjourned until 18 February 2009, for a determination of whether ASIC is entitled to maintain the orders currently in place.

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Last updated: 04/02/2009 12:00