esra's first day in court

The former chief executive of biotech Phosphagenics has appeared in court in relation to the alleged theft of $5.7 million.

Esra Ogru and an unnamed former Phosphagenics employee are accused by the company of stealing the money in July last year.

Melbourne-based Phosphagenics said an investigation by forensic accountants at Deloitte revealed the funds had been misappropriated between 2005 and 2013.

Dr Ogru appeared in Melbourne Magistrates Court on Wednesday on nine charges, including dishonestly obtaining money, conspiring to dishonestly obtain money and using her position as director to obtain an advantage for herself.
Counsel for ASIC was granted an application to adjourn the committal hearing until August 11, allowing it time to co-ordinate plea briefings from the co-accused.

Phosphagenics suspended Dr Ogru in July last year after it noticed irregularities in its invoicing and accounting records. Dr Ogru later handed back her $570,000 stake in the company.

The company subsequently moved to take security over assets, including putting caveats on several properties in Dr Ogru's name, as well as other properties it claimed were involved in the alleged embezzlement.

Phosphagenics, listed on the ASX, develops technology relating to cosmetic and pharmaceutical products.

http://www.smh.com.au/business/former-phosphagenics-ceo-esra-ogru-faces-court-20140514-38a5y.html