Court upholds freeze on Storm Financial’s $2m

The Queensland Supreme Court has extended the freeze on a $2 million payment made to Storm Financial founders Emmanuel and Julie Cassimatis.

Digital • 19 February 2009 • The Bar

THE Queensland Supreme Court has extended the freeze on a $2 million payment made to Storm Financial founders Emmanuel and Julie Cassimatis.

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The financial group, which ceased trading operations on 15 January this year after it was placed into voluntary administration, now owes creditors more than $80 million.

The court’s orders restrain the Cassimatis’ from paying, transferring or using in any way with the money, while an earlier ASIC statement said it was concerned there did “not seem to be a proper basis for the payment”.

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