BOQ Response to ASIC Announcement re Storm Financial Investigation

Friday, 26/11/2010 

ASIC has today released a statement announcing it will commence legal proceedings against parties including Bank of Queensland, seeking compensation for investors arising out of the collapse of Storm Financial.  ASIC advised the compensation proceedings will not be filed immediately to allow a further period (maximum of three weeks) to continue commercial resolution discussions. 

At BOQ, we have cooperated with ASIC's investigation for almost 18 months and engaged in good faith in the commercial resolution discussion process.  We have invested significant time and resources in determining our position and, while we have every sympathy for those BOQ customers who have suffered as a result of the collapse of Storm Financial, our legal position has not changed.
We are particularly disappointed with the approach ASIC have taken given that we have been in consultation with them for some time, however we will continue to act in good faith in our negotiations with ASIC and will of course continue to work one-on-one with BOQ customers who have suffered as a result of Storm's collapse to provide assistance.