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![ASIC to recover $100m from Westpoint collapse](https://static.businessnews.com.au/sites/default/files/default_images/default-article-image_1440x960_0.jpg)
The Australian Securities and Investment Commission expects to recover approximately $100 million of the $388 million owing to investors in the failed Westpoint Group.
The Westpoint Group collapsed in 2006 leaving 4000 investors out of pocket.
ASIC has launched 19 actions since the collapse and has so far settled six claims.
Over the past 12 months ASIC has recovered $24.5 million, providing benefits for almost 1000 investors.
ASIC has reached settlements with Professional Investment Services worth $5.9 million; Bongiorno Financial Advisers and Bongiorno Financial Advisers (Aust) worth $2.9 million; State Trustees for $13.5 million, Glenhurst Corporation for $2.5 million; and Joseph Dukes for $1 million
In November 2008, ASIC settled a confidential claim for investors against Masu Financial Management.
Further proceedings relating to Westpoint by ASIC are continuing in relation to directors, auditors and three Australian financial services licensees.
ASIC chairman Tony D’Aloisio said in a statement that a key focus of the Commission is using s50 of the ASIC Act to seek compensation for investors who lose funds through failed investment schemes.
“Our focus is, as it should be, on identifying the most appropriate and effective regulatory outcome on behalf of retail investors.
“In this particular case, we felt it was in the public interest to act on behalf of Westpoint investors who were unlikely to get satisfactory redress through other means.”