Here we go from pillar to post.
Response from ASIC.
Thank you for your correspondence of 17 December 2019. We note that the concerns you raised are primarily about Legacy Iron Ore Ltd allegedly breaching a law that ASIC does not enforce.
ASIC often receives information raising concerns and allegations that a company, company director or other company officer may have breached an obligation under a law that we do not enforce.
What you should do – Foreign Investment Review Board
ASIC believes that you can best address these types of concerns by referring the matter to the government department or agency responsible for enforcing the relevant law.
Information Sheet 208 When companies break laws that ASIC does not enforce includes details of what to do in these type of disputes. This useful guide outlines some of the options you should pursue to raise your concerns with the relevant government department or agency.
Given the nature of the concerns you have reported, you may wish to contact the Foreign Investment Review Board (“FIRB”). ASIC notes FIRB approval was granted on 11 December 2019 for this circumstance.
ASIC must protect from unauthorised use or disclosure any information given to it in confidence, including details of your report of misconduct. Accordingly, it is more appropriate that you contact the above department/agency directly with your concerns.
ASIC and concerns about breaches of laws ASIC does not enforce
While we will conduct an assessment of the issues you raised to determine whether ASIC should take any action, the steps outlined in Information Sheet 208 are the best way to address your concerns.
If ASIC does take action against a company or its officers, we may make a statement about an investigation when it is in the public interest to do so. We will endeavour to contact you if this occurs.
In the interim, if a matter is still in the investigation stage and an enforcement action has not commenced, we will be unable to provide you with any further information. You can read more about ASIC’s policy on public comment in Information Sheet 152 Public comment on ASIC’s regulatory activities.
Please note that ASIC will only contact you again about your report of misconduct if we require further information to assist in our inquiries.
We hope this information is of assistance to you.
