ASIC has obtained orders from the Supreme Court of Queensland to freeze a $2 million payment from Storm Financial to a bank account held by Storm founder Emmanuel Cassimatis.
The amount of $2 million was transferred from a bank account of Storm Financial Limited on 15 December 2008, within one month of the appointment of voluntary administrators to the company, a statement from the corporate regulator said.
ASIC was concerned that, on the information available to it, there did not seem to be a proper basis for the payment, the statement said.
The regulator has moved the court for an injunction, requiring the money to be returned to Storm Financial Limited.
The court orders restrain Emmanuel Cassimatis, Julie Cassimatis and the bank in question, Emmanuel Cassimatis & Associates Pty Ltd, from paying, transferring or otherwise dealing in any way with the money.
Emmanuel Cassimatis and his wife Julie are both directors and shareholders of Emmanuel Cassimatis & Associates Pty Ltd.
The court made the orders on 30 January and extended the orders on 3 February.
The matter has been adjourned until 18 February for a determination on whether ASIC is entitled to maintain the orders currently in place.
