The following piece was written by Colin Kruger (Business Reporter, Sydney Morning Herald) and published online on 28 November 2013.
Levitt tees off
The Senate inquiry into the corporate pup, ASIC, has been getting plenty of attention around Lake Burley Griffin but it seems some submissions have been a little too much for our porn capital.
There is a gap where submission number 276 was made by Levitt Robinson principal Stuart [sic: Stewart] Levitt, who was a big hitter in the litigation against Storm Financial. ”I am somewhat flabbergasted that my Submission No.276 has been removed from the Senate committee website,” Levitt told us.
A committee rep told him it was ”taken down temporarily” to permit redaction or delay, so that others could respond – a courtesy that was not provided to Levitt’s client, Geoff Shannon, ”who was roundly denounced” in Commonwealth Bank’s submission, he says. ”Certainly, I would argue that my submissions were particularly incisive and compelling and must have caused some discomfort within the ranks of ASIC’s senior echelons.”
His submission claimed ASIC’s failures could not be blamed on budgetary constraints, given ASIC’s apparent profligacy in the deployment of public money spent on, or in, outsourcing legal services.
In statements to the media this week, Levitt has called for a federal version of the NSW Independent Commission Against Corruption (ICAC) to monitor the ”corrupt” activity of ASIC.
ASIC was not impressed.
”ASIC completely rejects the article’s inference of corruption,” a spokesman said. ”We apply the law without fear or favour.”
Mr Kruger’s article can be read, in full, at http://www.smh.com.au/business/modest-rog-a-maroon-marvel-20131127-2yadp.html