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Notice given 11 May 2012 

1848  Senator Kroger: To ask the Minister representing the Minister for Financial Services and Superannuation—

(1) Is the Minister aware of the case Sunland Waterfront (BVI) and Others v. Prudentia Investments Pty Ltd and Others currently before the Supreme Court of Victoria.

(2) Is the Minister aware of the following newspaper articles, each of which suggests that there has been a series of misleading statements made to the Australian Securities Exchange (ASX) in respect of various commercial and criminal proceedings in the United Arab Emirates (UAE):

(a)  The Australian Financial Review , ‘Judge warns over Sunland’s ASX releases’, p. 45, 2 February 2012;

(b)  The Sun Herald , ‘Plea to Rudd: Help free Australians’, p. 19, 11 December 2011;

(c)  The Australian , ‘ASIC, take note’, p. 28, 8 December 2011;

(d)  The Sun Herald , ‘Witness admits pair held on false claims’, p. 29, 4 December 2011;

(e)  Sunday Herald Sun , ‘Admission in bribery case’, p. 33, 4 December 2011;

(f)  The Australian Financial Review , ‘Sunland executive admits bribery investigation’, p. 56, 30 November 2011; and

(g)  The Age , ‘Sunland misled ASX in Dubai fraud case’, p. 1 (business section), 11 February 2010.

(3) Has the Minister made a referral to the Australian Securities and Investments Commission (ASIC) requesting that it investigate these suggestions of misleading statements made to the ASX.


 (4) Has ASIC investigated these suggestions that serious misleading statements have been made to the ASX.

(5) If there has been no investigation and the Minister has not made a referral to ASIC, will the Minister do so.

(6) If ASIC does find that misleading statements were made to the ASX, how will relevant authorities in the UAE be alerted to either findings of fact or relevant source materials.