ASIC's Flawed Bullion Investigation Under Scrutiny

At the recent Senate Estimates, I queried ASIC about their investigation into allegations raised by several whistleblowers regarding a major bullion company charging for sales and storage of bullion it did not hold.

While ASIC did investigate, they allowed the company months to get their affairs in order and provided advanced notice of the audit date, enabling potential moving of bullion to defeat the audit, possibly resulting in multiple counting of the same bullion. Furthermore, there are allegations that bullion not belonging to the audited investment scheme but belonging to another entity, was included in the audit.

Despite several sessions with ASIC on this matter, none of their responses have addressed the fundamental issues surrounding their flawed investigation. The case has now been referred to another agency and I await the outcome.