Two directors and the company secretary of ASX-listed Continental Coal have been charged with breaching their duties, as well as providing false and misleading statements.
Two directors and the company secretary of ASX-listed Continental Coal have been charged with breaching their duties, as well as providing false and misleading statements.
The Australian Securities and Investments Commission alleged that Perth-based Continental Coal directors Peter Neil Landau and Dr Ashley Paul D’Sylva, along with company secretary Rosemary Flegg, had dishonestly used their positions to authorise a $915,000 transfer to US-based Celtic Capital in 2014.
ASIC also alleged Mr Landau and Ms Flegg dishonestly used their positions on a further 11 occasions to authorise a transfer of around $2.13 million to Mr Landau’s private company, OKAP Ventures.
Mr Landau and Ms Flegg have also been charged with four counts of providing false information to the Australian Securities Exchange, along with two counts of lodging a false document with ASIC.
The directors and secretary appeared in the Perth Magistrates Court today, with their respective charges were listed for first mention, along with further charges laid earlier this year against Mr Landau and Ms Flegg related to stealing and forgery.
The pair were charged with stealing more than $2.2 million from ASX-listed Citation Resources, of which Mr Landau is a former director. They were also charged with one count of forgery and one count of uttering a forged document.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions, which is also prosecuting charges related to corporate finance director Ananda Kathiravelu.
Mr Kathiravelu pleaded guilty in the Western Australian Supreme Court yesterday to a charge of conspiracy to commit an offence of market manipulation.
It comes nine months after he pleaded not guilty to the charge, which related to Mr Kathiravelu trading in Radar Iron (now Weebit-Nano) shares on May 17, one day before Radar requested a voluntary suspension from trading.
ASIC alleged that Mr Kathiravelu conspired with another to take part in transactions that had (or would likely have) created or maintained an artificial price for trading in Radar shares.
Mr Kathiravelu yesterday pleaded guilty to the offence, which carried a maximum penalty of 10 years’ imprisonment or a fine of up to $810,000. A sentencing hearing date is not yet set.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Mr Kathiravelu has been a director of several other companies including Scout Security, Promesa, Thred and Race Oncology.
