On 23 January 2018, a former LWP shareholder, representing past and current shareholders, met with Steve Irons MP – Chair of the Parliamentary Joint Committee on Corporations and Financial Services. This committee monitors and reviews the activities of ASIC. Steve Irons had previously raised this issue on behalf of shareholders with Kelly O’Dwyer MP, Minister for Revenue and Financial Services, and agreed to this follow up meeting to discuss LWP Technologies and the failings of ASIC and to see if he could assist through his role as Chair of the committee overseeing ASIC.
General issues raised included the history of the directors involved and their long history of questionable business dealings that have gone unchecked by ASIC, the general lack of accountability of ASIC and their inability to step in when there is evidence of misconduct and the lack of regulatory action despite more than 2 years of complaints made by shareholders.
Steve Irons was impressed with the work undertaken by shareholders and conceded that better scrutiny by ASIC in regards to corporate governance is required.
The outcome of this meeting was positive with Steve Irons confirming that he will raise this issue with ASIC directly when he meets with them on 24 January and again next week when he meets with James Shipton, the ASIC chairman.