ASIC has won an extension over its freezing of a $2 million payment to Storm Financial (Storm) founders Emmanuel and Julie Cassimatis.
The Supreme Court of Queensland yesterday granted the corporate regulator an extension until 25 March 2009, an ASIC spokesperson said.
A new court date to hear the matter is yet to be set, the spokesperson said.
The initial freezing order was given in the court on 30 January 2009 and was extended on 3 February 2009.
The amount of $2 million was transferred from a bank account of Storm Financial Limited on 15 December 2008, within one month of the appointment of voluntary administrators to the company.
The court order restrained Emmanuel and Julie Cassimatis and Emmanuel Cassimatis & Associates Pty Ltd from paying, transferring or otherwise dealing in any way with the money.
Earlier this month, former Storm executive chairman Emmanuel Cassimatis hit out at ASIC over the payment freeze.
"At the time the $2 million everyone is talking about was paid to us, Storm had a further $5 million still in the bank," Cassimatis said.
"ASIC have no basis to conclude we did anything untoward. It has not been proven that the $2 million was anything other than what it was - a correctly paid dividend."
Storm Financial closed its doors after receivers were appointed to the group on 15 January.
