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Friday 26 September 2014

14-252MR Statement on Firepower investigation

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). Mr Ward was also banned from providing financial services for eight years.

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

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Last updated: 26/10/2014 12:00