We have previously provided updates regarding a meeting held with Federal MP Steve Irons, Chair of the Joint Parliamentary Committee on Corporations and Financial Services that oversees ASIC.
On 23 January, a meeting was held with Steve Irons to discuss the issues surrounding the conduct of the directors of this company.
Subsequently, Steve Irons confirmed that he had met with James Shipton, ASIC chairman, to raise these issues in person. He handed over a detailed report into the business dealings of LWP Technologies and the conduct of LWP directors both past and present.
We can now confirm that ASIC has commenced investigations into LWP Technologies with Steve Irons receiving a preliminary report from ASIC. Steve now intends to meet again with James Shipton to discuss the issues raised in more detail. Further updates will be provided in due course.