Banned liquidator Stuart Ariff is facing 16 criminal charges after the corporate watchdog alleged he transferred $1.18 million from a company he was liquidating with the “intent to defraud”.
Ariff was released on conditional bail yesterday after a brief appearance in a Sydney court.
Ariff was given a lifetime ban from acting as an insolvency specialist in August 2009 after the Australian Securities and Investment Commission made a total of 83 allegations against him after investigation into his work on 16 separate insolvencies.
As a result of that case, Ariff was ordered to pay $4.9 million to the 16 companies, the most prominent of which was the Carlovers Carwash chain.
The fresh criminal charges relate to his role as liquidator of HR Cook Investments, which was placed in liquidation in June 2006.
Ariff has been hit with 16 charges relating to “his alleged transfer of funds totalling $1.18 million with intent to defraud HR Cook Investments,” according to ASIC.
He also faces six counts of making false statements in documents he lodged with ASIC that recorded receipts and payments relating to HR Cook Investments.
The 16 criminal charges face a maximum penalty of 10 years imprisonment each, while the six counts of false statements face maximum jail terms of five years, and/or fines of $22,000.
The matter returns to court on September 7.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
