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BFCSA: Angry Letters to JOSH FRYDENBERG re Sterling Collapse # 6

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4th July 2019

The Federal Treasurer

Hon Josh Frydenberg MP

PO Box 6022 House of Representatives Parliament House

Canberra ACT 2600

Dear Mr Frydenberg,

RE Collapse of the Sterling Group

Prior to the last Federal election, you and your colleagues regaled us with the mantra that “if we had a go, we’d get a go”. Now is the chance, Mr Frydenberg, to prove that these were not just empty words.

Over one hundred couples have had their life savings stolen (and I use that word deliberately) and will probably lose the roof over their head because of the negligence of ASIC to do anything to avert the losses that they were well aware  were likely to occur due to the malfeasance of the directors of the Sterling Group of companies. The fact that ASIC were alerted to possible corporate mis-governance four years ago and were conducting an investigation into the companies involved only goes to prove their ineptitude (maybe an even stronger word is appropriate). They allowed the Sterling Group to call a corporate entity a “TRUST” without the need for a trust deed. Can you please explain how this could be allowed to happen?

Why did they do nothing to warn existing and future clients of the Sterling  group of the potential dangers? Why have no charges been laid against those involved? This goes way beyond negligence and clearly demonstrates ASIC are “unfit for purpose”.

The victims of this disaster are elderly Australians who on average have had a working life of 50 years. These people, Mr Frydenberg, have certainly had a go. Are you going to give them a go and see their life savings returned or were your words of just a few weeks ago just an empty election slogan?

Yours sincerely

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