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Thursday, 1 March 2012
Page: 2610

Australian Securities and Investments Commission: Chairman

(Question No. 890)

Mr Fletcher asked the Treasurer, in writing, on 28 February 2012:

In respect of the law suit that was filed by the United States Federal Housing Finance Agency in September 2011 against five Societe Generale companies;

(a) what examination of this case has the Government undertaken, specifically into whether Mr Greg Medcraft, formerly a senior executive of Societe Generale and now Chairman of the Australian Securities and Investments Commission (ASIC), was involved in the alleged conduct against Societe Generale;

(b) has the Government sought any further information on this matter through inter-governmental processes or otherwise; and

(c) was this matter taken into consideration before appointing Mr Medcraft as a Commissioner of the ASIC, and subsequently Chairman.

Mr Swan: The answer to the honourable member's question is as follows:

(a) Mr Medcraft is not a party, nor named in the lawsuit, between the United States Federal Housing Finance Agency and Societe Generale which neither entitles nor requires the examination of this matter by the Australian Government.

(b) and (c) Neither the Australian Government nor Mr Medcraft is a party to this matter therefore it is not the subject of any intergovernmental processes or otherwise.