Speech notes for media conference 6 January 2000 by ASIC Chairman, Alan Cameron AM.
Good afternoon ladies and gentlemen, thank you for coming.
Today we are here to announce that the Commonwealth Director of Public Prosecutions has informed ASIC that he does not intend to lay any charges against anyone connected with the Yannon transaction or any of its associated issues.
The DPP informed ASIC of his decision after reviewing more than 100 folders of analysis, summaries and evidence collected by ASIC during a comprehensive investigation.
I would like to thank the DPP and his staff, who were extensively consulted on this matter, for their dedication and commitment in achieving this resolution.
ASIC's investigation focussed on whether there were any breaches of duty by any person involved in the transaction.
The size of the investigation is often underestimated by outside observers because of the focus on the so-called Yannon transaction itself. It is worth pointing out that the investigation involved a wide range of events and issues which occurred over more than six years from 1 April 1989 until 31 July 1995.
While the investigation focussed upon Yannon's purchase of shares in Premier Investments Ltd, the events leading up to that transaction and its consequences were also important and required equal attention from ASIC.
During the investigation ASIC:
- collected more than 253,500 pages of documents, having served 435 notices on many different parties to produce them
- examined 93 people over 214 sitting days. The transcript of the evidence obtained exceeds 12,500 pages.
ASIC is pleased the investigation is finished and is satisfied that the DPP has properly considered all of the material gathered by ASIC.