The Federal Opposition has called for Treasurer Wayne Swan to provide evidence of due diligence in the government’s appointment of ASIC chief Greg Medcraft.

 

Mr Medcraft was previously employed with international finance giant Societe Generale in the United States, which is now being sued for its connection to selling sub-prime mortgage debt to Fannie Mae and Freddie Mac.

 

While Mr Medcraft has not been named in any court proceedings regarding his 1999-2007 tenure with the group, he has connected to a sexual discrimination case that was settled outside court.

 

Former employees of Societe Generale are also involved in a class action against the group, alleging that the securitisation, which Mr Medcraft oversaw, was fraudulent.

 

Mr Medcraft has been a commissioner of ASIC since 2009.