Hi CDU'ersThe following is the text of a letter received by me...

Hi CDU'ers


The following is the text of a letter received by me dated 1st November, 2012, from the Hon. Bernie Ripoll, MP, Parliamentary Secretary to the Treasurer. This is in response to my representations concerning the trading of CuDeco(CDU) Securities on the ASX.

"Thank you for your letters of 4 September 2012 and 11 September 2012 concerning CuDeco(CDU) Trading.

I note that you have provided additional information in relation to the same matter that you have previously raised. However, I remind you that I have limited powers to act on the allegations you have raised. The Australian Securities and Investments Act 2001, precludes myself or any other Minister from giving the Australian Securities and Investments Commission(ASIC) a direction about its policies or priorities in relation to a particular case. As such, other Ministers and I cannot initiate either an investigation into this matter nor a full forensic audit of the trading of CDU Securities on 18th August 2010.

I note your advice that ASIC have declined to conduct an audit of the trading. If you would like a review of ASIC's decision, I would advise you to contact ASIC on 1300 300 630 or at [email protected] to enquire about your options to take the matter further.

In response to your suggestion for an enquiry to be undertaken to ensure that the integrity of the Australian Securities Exchange is not being undermined, I note that the Government works with regulators and market operators to ensure that appropriate safeguards are in place to detect, punish and, where possible, prevent manipulative activity, to ensure that the stability and integrity of Australian capital markets are not put at risk. However, the day to day enforcement of the rules governing financial markets is vested in ASIC, which is statutorily guaranteed a high degree of indepe


ndence in how it carries out this function.

I do not propose to respond to any further correspondence on this matter, unless you raise new information relevant to the performance of my functions within the financial markets regulatory regime.

I trust this information will be of assistance to you."




Referred for the information of CDU shareholders concerned. Appropriate further action will be taken in an effort to achieve a positive response.


cheers,

Max