A former director of a Perth-based mining and exploration firm has been sentenced to eight months in jail for misusing bridging finance cash, the securities regulator says.
The Australian Securities and Investments Commission mentioned on Tuesday that former Continental Coal director Ashley Paul D’Sylva could be launched instantly upon getting into right into a recognisance launch order for $5,000 and was of fine behaviour for 18 months.
ASIC mentioned D’Sylva organized for Continental Coal to repay $915,000 to Celtic Capital in 2014, opposite to a debt restructuring deed that Continental had entered into.
The firm entered liquidation in 2016.
D’Sylva pleaded responsible to recklessly failing to train his powers for a correct objective whereas he was a director of the previous ASX-listed firm, ASIC mentioned.
The regulator mentioned the matter was prosecuted by the Commonwealth Director of Public Prosecutions after an investigation and referral by ASIC.
Two different former Continental Coal executives have additionally been charged in reference to the matter.
Peter Landau has pleaded responsible and shall be sentenced on June 20.
Company secretary Jane Rosemary Flegg has pleaded not responsible and is scheduled for trial in early 2024.
Source: www.perthnow.com.au
