For all those former wintech shareholders who got screwed by not only Kim Wong and the crew @ Wintech, but the disgraceful dilution of the stock when DIR took over, some bright news.
Wong is due to be sentenced this week.
Let's hope after 4 1/2 years of pain that justice is finally served.
The former managing director of Wintech Group Limited (Wintech), Kim Wong, has pleaded guilty to 10 charges including stealing $1.057 million.
Mr Wong, 46, of East Kew, appeared in the County Court of Victoria in Melbourne last week, and pleaded guilty to the theft, falsifying Wintech prospectuses and providing false information to the Australian Securities Exchange.
Mr Wong’s conduct occurred between August 2008 and April 2009 and included stealing $1.057 million from a Wintech bank account, making false or misleading statements about the take up of share issues and giving to the ASX a false bank account statement and a spreadsheet of shareholders that contained numerous false entries.
Mr Wong was bailed to appear before the County Court for a sentencing hearing on 17 December 2013.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
Mr Wong pleaded guilty to:
five counts of theft contrary to section 74 of the Crimes Act 1958 (Vic); two counts of contravening section 1308(2) of the Corporations Act 2001; and three counts of contravening section 1309(1) of the Corporations Act 2001.
The maximum penalty for contravening sections 1308(1) and 1309(2) of the Corporations Act 2001 is 5 years jail, a fine of $34,000 or both.
The maximum penalty for contravening section 74 of the Crimes Act 1958 (Vic) is 10 years jail, or 20 years where the offending involves three or more instances of theft for a value of $50,000 or more. In this case, the charges against Mr Wong include four instances of theft for an amount of $50,000 or more.
Background
Wintech (now known as Direct Nickel Limited) is a public company listed on the ASX.
Between 3 October 2005 and 17 April 2009 Wintech’s securities were suspended from trading.
Between 8 July 2008 and 15 April 2009 Wintech engaged in fundraising activity through the issue of three successive prospectuses. On 17 April 2009, and following the fundraising activity, the ASX reinstated Wintech’s securities to official quotation. At that time, Wintech’s stated business was the importation and wholesale distribution of computers, computer parts and accessories.
In June 2010 ASIC obtained orders from the Federal Court of Australia that, among other things, prohibited Mr Wong from leaving Australia.
Mr Wong resigned as a director of Wintech in July 2010. In January 2011 Mr Wong was arrested and charged as a result of ASIC’s investigation (refer: 11-06AD).
DIR Price at posting:
0.0¢ Sentiment: None Disclosure: Held
