The Australian Securities and Investments Commission (ASIC) has reissued a media release on urgent interim orders obtained in the Federal Court against Alliance Insurance Broking Services (AIBS) and its sole director Renato De Maria.

ASIC put out a statement last week outlining the orders, which prevent funds being removed from company bank accounts. An investigative accountant has also been appointed and the business must be sold.

ASIC says that in support of its application for the orders it “alleged that Mr De Maria caused substantial client money held by AIBS to be improperly paid into a bank account for his own personal benefit”.

As reported by insuranceNEWS.com.au, AIBS questioned the accuracy of the ASIC statement.

“The fact is that it was AIBS who proposed an arrangement whereby the interests of all parties would be best protected by the sale of AIBS' business,” the company said on its website.

“ASIC rejected the proposal. The Court accepted AIBS’ position. Orders were then made to give effect to AIBS’ proposed arrangement.

“Most importantly, the orders referred to in ASIC’s statement have all been complied with by AIBS; and AIBS has cooperated fully with ASIC and is disappointed by the statement. It does not accurately reflect what has occurred.”

On Friday ASIC reissued the press release with some amendments.

“This media release was amended on 16 July 2021 to clarify that the appointments referred to in the media release were made by AIBS as a result of an undertaking provided by AIBS to the Court,” ASIC said.

“The orders that were made by the Court included that AIBS file evidence of the appointments and other matters, including the receipt of $5 million which AIBS has now filed.”