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Wednesday, 13 June 2007
Page: 262


Mr Laurie Ferguson asked the Treasurer, in writing, on 29 March 2007:

Was the Australian Securities and Investments Commission (ASIC) aware that Mr Geoffrey Clark, former principal of Coverdale Christian School Limited, Riverstone, NSW, was a director of the China-based Longway Industrial and Development Pty Ltd and held a 20 per cent stake in the shelf company 12 months after leaving his post as principal in June 2005; if so, what steps were taken by ASIC to ascertain whether any Commonwealth funding was used to establish Longway Industrial and Development Pty Ltd.


Mr Costello (Treasurer) —The answer to the honourable member’s question is as follows:

The Australian Securities and Investments Commission (ASIC) advises that the details of Mr Geoffrey Clark’s directorship and shareholding in Longway Industrial and Development Pty Ltd are included on the company register it maintains, which is available for public search.

In addition, as a proprietary limited company, Longway Industrial and Development Pty Ltd is not required to lodge an audited financial report with ASIC. Therefore, there is neither a basis for ASIC to examine the report nor is it ASIC’s role to audit the report.

ASIC further advises that while it assesses every complaint it receives, it does not confirm or deny it has received complaints about a particular person or entity. If ASIC receives specific information regarding possible breaches of the corporate law, it will assess that information to determine what action, if any, is appropriate.