A number of former clients of Storm Financial have begun leaking documents online as part of an attempt to expose faults in the dealings between Commonwealth Bank of Australia (CBA) and the failed advisory group.
A number of letters, emails and legal documents have been released online through the website, The Plain Truth, regarding the 2009 failure of the Townsville-headquartered group.
The Commission, formed in June, was made up of 45 individuals who had collected and analysed a large amount of information, a Commission spokesperson said.
“The Commission in its investigations saw no evidence that the CBA board of directors (with the exception of Mr Norris) had any knowledge of the facts relating to CBA’s misconduct towards former Storm clients,” the spokesperson said.
“This lack of evidence is not proof that the CBA board had no knowledge, however, a member of any board cannot be held accountable if they in fact did not possess the relevant knowledge, or they did possess the knowledge but it cannot be proved. It is one thing for the Commission to believe that the board members possessed the requisite knowledge and another to prove that they did.
“Accordingly, as its first official step, the Commission wishes to ensure that the CBA board has the facts and the knowledge of the actions of the company the board is directing. Once the board possesses this knowledge it is only then a small step to accountability.”
To date, the Commission has released five documents, including parts of a 25-page letter to the CBA board and a number of legal documents.
“We write as former Storm clients, concerned citizens and members of a group who are in various impaired and disadvantaged positions as a consequence of your company’s (CBA’s) actions,” the letter, dated 15 August, said.
“Our purpose is to ensure that you are aware and alerted to some of the deceptive actions that have been perpetrated by various individuals within the CBA, leaving the CBA and its board accountable.”
CBA declined to comment on the matter when asked by InvestorDaily.
Storm went into administration in January 2009 and was placed in liquidation two months later.
