GOLD COAST DIRECTOR FACES FRESH ASIC CHARGES

GOLD COAST DIRECTOR FACES FRESH ASIC CHARGES

A HOPE Island man is due to appear in court in September charged with two counts of managing a corporation while disqualified.

James Kwok appeared for mention in the Brisbane Magistrates Court last Friday following charges brought by the Australian Securities and Investments Commission.

Kwok was banned from managing a corporation after being convicted in 2006 for dishonestly using his position as a director of Envirostar Energy Limited, a company that is now delisted.

The ban was in place between October 2006 and November 2012.

ASIC alleges that, despite being disqualified, Kwok engaged in “various acts of management” in relation to Pacific Energy International Pty Ltd between March 2010 and July 2012.

ASIC alleges that Kwok also managed a public company, Agri-Trade Holdings Limited (formerly known as FTD Corporation Ltd, Centium Electric Limited and Hidroco Limited), between June 2011 and July 2012.

The matter has been adjourned for further mention in the Brisbane Magistrates Court on September 19.

Kwok faces a maximum penalty of 12 months imprisonment and a fine of $5500 for each offence if convicted.

Kwok was sentenced to 24 months jail in 2007 after being found guilty of dishonestly using his position as a director of a listed Sydney-based waste-to-power company Envirostar Energy Limited.

He was ordered to serve 14 months through periodic detention, but this sentence was reduced on appeal by Kwok. The appeal against his conviction was dismissed.

ASIC alleged that Kwok acted dishonestly while a director of Envirostar by not disclosing his interest in two parcels of land leased by Envirostar.

The leases started in 2000, but Kwok’s interest was not discovered until two years later when he resigned from the Envirostar board.

ASIC says the properties were owned by companies directed by Kwok’s wife and son and this was not disclosed to Envirostar which had paid about $30,000 a month for the land under the lease agreement.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

How to conduct an effective board assessment: a step-by-step guide
Partner Content
Your directors should conduct a board assessment annually. Let's examine what a boa...
OnBoard
Advertisement

Related Stories

Love is in the wallet: Australians to splurge $485m on Valentine’s Day

Love is in the wallet: Australians to splurge $485m on Valentine’s Day

Vibrant bouquets and sweet treats are high on the agenda for Austra...

Group structure thought starters: How should mine look?

Group structure thought starters: How should mine look?

What does your corporate structure say about you? Does it showcase ...

Administrators kick off sale process for Sun Cable

Administrators kick off sale process for Sun Cable

Administrators FTI Consulting have this week opened up the bidding ...

Investible: What an early-stage investor looks for in a high-potential founder

Investible: What an early-stage investor looks for in a high-potential founder

Having sold the software business he co-founded called Blueprint Ma...