ASIC began the investigation in October 2003. It centred on a fire at the Sydney plant of Offset Alpine Printing (OAP) in 1993, which triggered a $54m insurance payout and sent the company’s share price skywards.
Offset Alpine itself was not the subject of the investigation.
The investigation centred on businessman Trevor Kennedy, former federal MP Graham Richardson and deceased stockbroker Rene Rivkin. It covered a possible breach of section 64 of the ASIC act, which looks at offences relating to perjury during the course of an ASIC investigation.
In 1995, the three men told ASIC under oath that they did not know who owned a 38.5% parcel of shares in the Sydney printing company. In 2003, the Australian Financial Review reported it had obtained transcripts in which Rivkin told a 2002 Swiss investigation that the three men owned the 38.5% stake between them.
“ASIC has now completed that investigation and it will not be asking the Commonwealth Director of Public Prosecutions to consider bringing any proceedings,” ASIC said in a statement.
“In announcing that investigation, ASIC made it clear that the investigation did not extend to OAP itself,” the statement continued.
ASIC is reported to have dropped the investigation after being unable to obtain crucial documents from Swiss authorities.
Both Kennedy and Richardson have always denied owning the shares in the company. Rivkin died in 2005.
Offset Alpine could not be reached for comment.
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