The corporate watch dog has instigated legal action against former directors of wheat exporter AWB, including former chairman Trevor Flugge and former managing director Andrew Lindberg.
ASIC is also considering criminal proceedings against former officers more than a year after the Cole report into the United Nations oil for food program. The Cole report recommended civil and criminal charges against 11 individuals but no fault was leveled at the Howard government.
ASIC chairman Tony D’Aloisio says the regulator had to start civil proceedings before criminal proceedings because there was a deadline to bring the lawsuit today.
Prime Minister Kevin Rudd has also suggested that the terms of reference of the inquiry might be reviewed. This could involve scrutiny of the roles of former Coalition ministers.