Collapsed investment firm Storm Financial has refuted claims that there was no basis for a $2 million payment to the company’s founder.

Emmanuel Cassimatis says the Australian Securities and Investments Commission (ASIC) has no proof the firm did anything untoward before it collapsed. He will appear in the Queensland Supreme Court on Wednesday to put his case.
 
“At the time the $2 million everyone is talking about was paid to us, Storm had a further $5 million still in the bank,” Mr Cassimatis said in a statement.
 
“It has not been proven that the $2 million was anything other than what it was – a correctly paid dividend.”
 
Meanwhile, ex-Storm staff are still in limbo, with most financial planning firms deciding not to hire them until ASIC and the FPA conclude their investigations.

The ASIC database shows financial planning firm Victorian Families Retirement and Investment Group, whose authorised representatives include Mr Cassimatis and his wife Julie, still holds a current Australian financial services licence.

Storm today advised the firm is on the market but it is not known whether it has received any serious offers.