For Info: Date of alleged offence : 12th to 17th May 2016 months before Radar Iron Ltd changed its name to Weebit Nano Ltd on 27th July 2016. ______________________________________________________________20-199MR Corporate finance director pleads guilty to conspiring to manipulate market

On 27 August 2020, Ananda Kathiravelu, of Perth, WA appeared before the Supreme Court of Western Australia and pleaded guilty to a charge of conspiracy to commit an offence of market manipulation.

ASIC alleged that between 12 May 2016 and 17 May 2016, Mr Kathiravelu conspired with another to take part in, or carry out, whether directly or indirectly, transactions that had or were likely to have the effect of creating or maintaining an artificial price for Radar Iron Limited (Radar) shares traded on the Australian Securities Exchange (ASX).

The offence carries a maximum penalty of ten years’ imprisonment or a fine of up to 4,500 penalty units ($810,000), or both.

A sentencing hearing date has yet to be set.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

Background

On 18 September 2019, Mr Kathiravelu, a director of a number of companies, was committed to stand trial in the Western Australian Supreme Court on a charge of conspiracy to commit an offence of market manipulation.

The charge followed an ASIC investigation into Mr Kathiravelu’s conduct in relation to trading in the shares of Radar on the ASX on 17 May 2016, one day prior to the suspension of Radar shares from the Official Quotation of the ASX (19-255MR).

Editor's note:

The sentencing hearing has been set for 29 January 2021 in the Supreme Court of Western Australia.

ASIC Link:
https://asic.gov.au/about-asic/news-centre/find-a-media-release/2020-releases/20-199mr-corporate-finance-director-pleads-guilty-to-conspiring-to-manipulate-market/E&OE. Please DYOR