Questions for administrator of USG FX
In your report page p25 and 26, you mentioned that you are still doing your investigation in order to classified if that investor clients are the company’s valid liabilities, may I ask what’s the criteria you are looking into ? As I represent a group of investor clients in Taiwan and we all directly deposited into CBA trust account, received the offering documentation quoted company’s AFSL number and all the past communications with USG Australia customer service, it should be no doubt the investor clients are the legitimate creditors.
In the report page 14, I understand that ASIC has applied leave of court to commence legal proceedings against USG, and it includes refund of client net deposits,
Could you give us a bit more details?
In your report page 27, you mentioned:
In the high scenario, there is an assumed corresponding $120M asset recovery available to meet the investor claims liability and removed for the low scenario.
In the Annexure 4 (page 41), estimated statement of position
If so, In the case of bankruptcy of the ASIC brokerages, the clients will suffer loss as I found administration cost is extremely high, that largely diluted the return to trust creditors.
This question is to the ASIC officers if there is any in the creditor meeting.
It seems that depositing in ASIC brokerages’ trust account has no protection at all, as it looks like brokers can move funds from trust account easily as we could see the case of Halifax, and USG. Isn’t it the regulator’s responsibilities to ensure the clients funds are segregated?
Has BRI Ferrier contacted the insurance company Tysers for PI insurance cover? As from our understanding of how USG operated it has triggered Fraud and dishonesty cover, could you update on this?
Could you share the investigation of the record of the CBA client trust account? As the most important thing for the creditor is to trace the funds. Is there abnormal transactions? Is CBA also being investigated as it is not fulfilled duty of care for client trust account?