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Tuesday, 17 February 1987
Page: 42

(Question No. 1563)

Senator Morris asked the Minister representing the Attorney-General, upon notice, on 5 December 1986:

(1) Is the Attorney-General aware of a scheme promoted by Australian Wine Commodity Cellaring Pty Ltd, by which young wine is purchased and cellared.

(2) Could such purchases become a vehicle for speculative investment and if so does the Attorney-General believe that such dealing should be brought within the scope of securities legislation.

Senator Gareth Evans —The Attorney-General has provided the following answer to the honourable senator's question:

(1) I am advised that the National Companies and Securities Commission became aware of the scheme promoted by this company on 3 December 1986 and is seeking further details on the matter. I also understand that the Commission is, at the same time, examining another similar scheme.

(2) Until the further information sought by the Commission becomes available I am not in a position to comment on whether the scheme presently is, or is the type of scheme which should be brought, within the scope of the companies and securities legislation.