Let's see what is said on June 24th. (Excerpt from ASIC website.)
The court found that Messers Michael Christodoulou King, Craig Robert White, David Mark Anderson, Guy Hutchings and Ms Marilyn Anne Watts '…were the people closely and relevantly connected with the company and its actions. Their significant roles in the company also seem'…'to qualify them as its "high managerial agents". Each of them was found to have acted dishonestly in their roles as officers of MFSIM.
ASIC Commissioner John Price said, ‘Company officers, including directors, play a very important role as gatekeepers in Australia’s financial system. In this case we saw individuals neglect their duty to act in the interest of their investors'.
The matter has been adjourned until 24 June 2016, at which time the court will consider making declarations of contravention and give further directions in relation to the penalty hearing.
OCV
octaviar limited
