On December 23rd, 2019 ASIC issued a media release titled “19-373MR Interim asset restraint orders made against Corporate Authorised Representatives of OTC derivatives provider”.
ASIC’s media release fails to mention a number of key matters, including that on 17 December 2019 the Federal Court dismissed, effectively in full, the application as against USGFX. In doing so Justice Gleeson of the Federal Court was highly critical of ASIC’s application as against USGFX, which was not substantiated by the evidence provided to the Court.
In addition, the media release notes that “The Court also imposed orders restricting the overseas travel of John Carlton Martin…”
This statement is misleading and suggests that Mr Martin, a Director of USGFX is not allowed to travel abroad. This is an incorrect statement and despite ASIC’s attempts to restrict his travel, Mr Martin had been permitted to travel overseas.
ASIC had been advised as to the inaccuracies included in its media release and USGFX has put ASIC on notice that it may bring proceedings against it for damages arising from its conduct in this matter.
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Horizon Communication Group
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