07 August 2019

Hon. Michael Sukkar MP

Assistant Treasurer & Minister for Housing

House of Representatives, Parliament House



Dear Mr Sukkar


ASIC’s  "Supposed"  Investigation into Sterling Group Collapse


On a recent interview with Gareth Parker at 6PR radio on 21 June, you assured the public listeners that, and I quote:


1.      “ASIC is ploughing huge resources and I have emphasised the urgency of this – huge resources in their investigation to try and determine:  Firstly, if and what rules and laws have been broken and what action can be taken against those that may have done that… It’s very important from a legal perspective that ASIC dots the ‘i’s and crosses the ‘t’s….

2.      It became apparent that there wasn’t great communication from ASIC and in their defence they are head down/tail up actually conducting the investigation but I emphasised to them the importance of communicating what they are doing because there are over 100 people who are very anxiously waiting and watching to see what action is taken and I think they have taken some steps to at least outline what it is that they are doing within the boundaries of what they can release publicly….

3.      “I am very keen to make sure that the investigation is thorough and keen to make sure that ASIC speak to those individuals …. And to be open as to where they are at in the investigation.

4.      You also stated that ASIC is conducting their own internal investigation of their activities and that that your instinct was that the system had let these victims down! 

5.      You admitted that there were “RED FLAGS” – what were they and why were they not communicated to the public, that there were problems with these Sterling products? 

I am absolutely disgusted and outraged to discover from a Channel 7 news report on Sunday 4 August by Geoff Parry’s that Mr Sukkar has found no evidence that any INVESTIGATION (either internal or external) has been conducted into ASIC’s role in relation to the Sterling group, as you so emphatically assured everybody listening in to Gareth Parker’s 6PR programme that day.

That is Pathetic!

I have written to James Shipton, Josh Frydenberg and the Prime Minister plus more recently, Mathias Cormann and Christian Porter.  I have NOT HAD ONE REPLY to date from anyone!  As a group, we have sent many letters to Canberra and no communication has been forthcoming to date, that I am aware of!  So much for the “open communication about where it’s at…”

 So, if Channel 7’s findings are correct, ie. that there has been no internal or external investigation has been conducted, then WHY NOT!  If this is the case, then it would appear that you have ‘out and out lied’ to the victims as well as to Gareth Parker and all the 6PR listeners.


-              If the “thorough” investigations have been undertaken, then why have we not been communicated to? 

-              What are the results of those urgent investigations that you so emphatically put to them? 


-        Has there been any investigation into the possibility that ASIC have been taking backhanders under the table? 

-        Is ASIC corrupt, being that so many of these schemes are registered without any scrutiny at all? 

-        Are there being investigations into Ray Jones & Co and all companies in which he was a director?  

-        How was he able to get registration for his businesses when he has been known to have engaged in similar activities in the past? 

-        Why is it that ASIC has not followed their own advice on their Money Smart website and picked up on Sterling group and other Ponzi schemes and declined registration of them in the first place? 

-        Is ASIC just a revenue base for the government – with no real intention of protecting Australian consumers as they are supposed to?


There are just way too many questions into how, what and why?  We now would like you and your Canberra colleagues to ‘face the music’ to give us some REAL ACTION! 

  • Compensation for all victims of Sterling Group!
  • 2.      Royal commission into ASIC and its negligence in protecting Australian consumers from criminal investment setups and activities!


I will look forward to hearing your next interview with Gareth Parker on 6PR to explain why your assurances emphasising the urgency of the above as stated on 21 June have not come to fruition.  THIS IS JUST NOT GOOD ENOUGH!  Perhaps you and your Canberra colleagues think that if you ignore us for long enough, we will fizzle out and disappear?  Trust me, Mr Sukkar, when I say that the longer this goes on – lies, deception, ducking for cover, etc – THE STRONGER WE GET! 



Yours sincerely