PERSONAL FINE: Chris Scott is no longer a letting agent. Picture: Michael Ross Source: Gold Coast Bulletin
ENTREPRENEUR Chris Scott has defended his role as managing director of childcare operator G8 Education after he paid out a $130,000 fine stemming from action by the Office of Fair Trading.
Speaking publicly for the first time about the personal fine in December, Mr Scott argued he made the payout for financial reasons.
"Ultimately, I didn't have enough money to defend (a claim) against the State of Queensland," he said. "They've got more money than me."
Mr Scott was fined and agreed to never operate as a letting agent in Queensland after a dispute with the OFT over the letting of apartments in 2005-06.
The OFT had alleged he had failed to ensure Driftcove, a company of which he was then director, acted in the best interests of clients and failed to fully disclose charges on accommodation bookings.
No longer in that industry, Mr Scott this week said the issue was he was the licensee, and the Queensland Civil and Administrative Tribunal and the OFT had agreed he was not physically involved nor was there any suggestion of dishonesty.
He spoke after this week's annual general meeting for G8, in which the board focused on a "transformational year" for the Gold Coast-based company.
G8's share price was 55 cents this time last year, and closed at $1 yesterday. It plans to operate 200 centres and predicted profits of $14.9 million.
GEM Price at posting:
$4.82 Sentiment: None Disclosure: Not Held
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