GetSwift Limited (ASX: GSW) (‘GetSwift’ or the ‘Company’), a leading business and logistics optimization technology company, noted that Australian Securities and Investments Commission (ASIC) refused to comply with a freedom of information request seeking disclosure of the total costs associated with its approximately 18-month legal proceedings against the Company.
GetSwift made the request under the Freedom of Information Act 1982 in mid-August, whereupon ASIC actually compiled the information into a document containing all relevant costs through the end of July. But ASIC’s representative, Justin Frank, decided not to release the document.
In a letter to GetSwift’s outside counsel dated September 14, Mr. Frank wrote: “I consider that the release of information that details ASIC’s costs in the investigation and litigation against GetSwift and associated parties would be premature and has the potential to adversely impact upon the adjudication of this matter.”
This is the third time ASIC has refused a freedom of information request regarding legal expenses in the case against GetSwift and related investigations.
GetSwift would like to point out that the lengthy proceedings against it could easily have cost Australian taxpayers – who have gained nothing and may never gain anything from the lawsuit – a significant sum of money. If the public disclosure of that sum is embarrassing or “prejudicial” in the context of a taxpayer-funded campaign, then there is even more reason for it to be made public.
GetSwift would furthermore highlight that the Company regularly discloses costs associated with its own legal services. As required under standard reporting guidelines, the company includes a line item semiannually capturing its legal expenses. That raises the question: If companies make such disclosures voluntarily, then why can ASIC remain opaque?
The company intends to file a formal review and/or complaint regarding Mr. Frank’s decision.
About GetSwift Limited
GSW is a technology and services company that offers a suite of software products and services focused on business and logistics automation, data management and analysis, communications, information security, and infrastructure optimization and also includes ecommerce and marketplace ordering, workforce management, data analytics and augmentation, business intelligence, route optimization, cash management, task management shift management, asset tracking, real-time alerts, cloud communications, and communications infrastructure (collectively, the “GetSwift Offering”). The GetSwift Offering is used by public and private sector clients across industries and jurisdictions for their respective logistics, communications, information security, and infrastructure projects and operations.
GetSwift is headquartered in Denver, Colorado and is listed on the Australian Securities Exchange (ASX:GSW).
For further background, please visit www.getswift.co. GetSwift is an emerging growth company and is subject to a variety of risks. The Company is not yet profitable, and there can be no assurance that it will achieve profitability. The Company’s business and a variety of investment considerations are discussed in more detail in the Company’s filings with the Australia Securities Exchange (ASX). Investors are encouraged to review the more complete information contained in such filings.