The Australian Securities and Investments Commission (ASIC) Chairman Jeffery Lucy says the acquittal of three FAI company officers in the NSW Supreme Court yesterday highlights the difficulties of prosecuting complex financial cases.

Justice Roderick Howie directed the jury to acquit Tim Mainprize, Daniel Wilkie and Stephen Burroughs on all charges relating to reinsurance arrangements entered into by FAI General with General Cologne Re Australia in 1998.

It had been alleged that the true substance of those arrangements was concealed from the auditors of FAI and its subsidiaries.

Mr Lucy says the acquittal won’t deter ASIC from pursuing complex matters where it believes the law has been breached.

“Where ASIC believes that breaches of law have occurred, it will vigorously investigate and present prosecutors with briefs of evidence. It does so understanding that there is no guarantee of success.

“Just because a case is complex should not provide a shield against prosecution.”

Mr Mainprize and Mr Wilkie faced two counts each of failing to act honestly in the exercise of their powers and discharge of their duties as officers of FAI, and one count of providing false and misleading information.

Mr Burroughs was charged with failing to act honestly in the exercise of his powers and discharge of his duties as an officer of FAI General.