ISX Financial, page-2155

No consequence?

The Court found Mr Karantzis:

• failed to exercise his powers and discharge his duties with reasonable care and diligence;
• was involved in the failure of iSignthis to comply with its continuous disclosure obligations regarding the recognition of revenues and costs in 2018;
• failed to take reasonable steps to ensure information that he gave to the ASX regarding the termination by VISA was not false or misleading.

The Court found ASIC did not make out its allegation that Mr Karantzis breached his duty to act in good faith and not use his position to gain an advantage for himself and his associates.

ASIC will seek pecuniary penalties against iSignthis and Mr Karantzis. ASIC will also seek orders that Mr Karantzis be disqualified from managing corporations.