Ann: Update on voluntary suspension, page-174

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The company on Friday suspended its chief executive, Steve McGovern, after funds totalling almost a third of its market value were “applied for other purposes”.

The company’s inquiries are now believed to centre around recovering funds which were meant to be in the bank account, although both the suspended company and NAB declined to comment on Monday.

Dubber’s last annual report said that it had $2.86m of cash and cash equivalents at the end of June, in addition to $30m of cash at call in an interest bearing term deposit. It disclosed only that it was held with a AA3 rated financial institution with a 31 day call back in the name of the company’s legal firm as trustee for the company.

The Melbourne-based legal firm which has been reported as acting as trustee for the funds, Christopher William Legal, is not suggested to have acted illegally and did not comment on Monday.

Separately, a number of caveats have been lodged against Mr McGovern’s home in Warrandyte in suburban Melbourne over the last month.

They include a company associated with a small construction firm and major financial lenders. There is a mortgage to Macquarie Bank secured against the property, according to title records.

It is not known whether the loans and caveats lodged over the last month are connected to the issues related to the company.

Senior sources said the board had not authorised money to be spent and allocated in such a way. Mr McGovern is believed to be in the country and assisting the company with its inquiries as it seeks to recover the funds and it is not suggested he has acted illegally.