Sizzling WhatsApp texts blow the lid off ASIC investigation into ABC Bullion

Internal WhatsApp messages have surfaced – exchanges between current and former employees of ABC Bullion – which cast doubt over the group’s precious metals storage. Kim Wingerei reports.

As revealed by MWM, economist John Adams has been encouraging ASIC to properly investigate the storage practices of ABC Bullion for several years. ABC is an Australian precious metals trading company which Adam’s says has engaged in misleading storage practices. ASIC did conduct an investigation but found no wrongdoing.

For its part, ABC Bullion strongly denies any wrongdoing and accuses Adams of being “reckless and misleading”.

The discontinued ASIC investigation was brought up by Malcolm Roberts in the Senate last night (Tuesday, September 10), the Senator saying, “ASIC is failing the Australian people.” He highlighted how ASIC spent over nine months and more than $300,000 on an investigation that found nothing, despite the company storing bullion on behalf of clients in a building that may not have been legally occupied and consequently may not have been properly insured.

Roberts also questioned the involvement of Prime Minister Albanese in effectively endorsing ABC Bullion and its parent company, Pallion, at a press conference in October 2023, when, in addition to the ASIC investigation of ABC Bullion, Pallion was the subject of a long-running investigation by the ATO in relation to a GST-scam.

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