ASIC’s investigation into failed fuel technology company Firepower Holdings Group Ltd (Firepower BVI) has been finalised following consultation with the Commonwealth Director of Public Prosecutions (CDPP).

The investigation focused on the conduct of a number of people associated with raising funds for the company, including its founder Tim Johnston.

Following ASIC’s inquiries, a brief of evidence was forwarded to the CDPP for consideration.

Having regard to the evidence obtained by ASIC, the CDPP has recently informed ASIC that it is not satisfied there are reasonable prospects of a conviction, as is required under the Prosecution Policy of the Commonwealth to enable a prosecution to be commenced.

Background

ASIC’s investigation started in 2007 and saw Mr Johnston banned from managing companies for 20 years while former financial advisor Quentin Ward was banned for six years (refer: 11–148MR). [This media release was amended on 20 June 2019 in accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.]

ASIC collected more than 100,000 documents, served over 300 compulsory notices and examined 18 people as part of its investigation.