Perth-based Firepower Operations Pty Ltd, an Australian arm of the BVI-registered Firepower Holdings Group Ltd., is already involved in the long-lasting conflict with an international auditing firm KPMG, which refused to deal with this company. Now the company is to be liquidated with debts of almost $10 million, and corporate regulators from ASIC have taken another steps against the controversial BVI company. The Commission began action against the companies that sold $60 million of shares in Firepower Holdings Group without issuing proper documents. ASIC also wants Firepower chairman Mr Johnston to be banned from management.
ASIC confirmed it was investigating the BVI company, but the current action related only to associated companies and not the Australian company Firepower Australia Pacific. The associated companies named are Owston Nominees Pty Ltd, Sattvic Pty Ltd, Seaswan Holdings Pty Ltd, Axis International Management Pty Ltd and its director Quentin Ward and Malaysian-incorporated Firepower Investments Pte Ltd.
Firepower’s small investors will have no claim on the Australian assets of the company, because the company which they invested in represents the BVI-registered parent company, and not Firepower Operations.