ASIC pits charges at olive investment caper
The former company secretary of an alternative investment scheme has appeared before a Perth Court to answer eight charges of making false statements under oath.
The action against Stephen Wayne Randell follows an Australian Securities and Investments Commission (ASIC) investigation into figures appearing in the Olea Australis prospectus dated March 9 2000, offering investors the opportunity to participate in an olive growing and processing project based in Dandaragan, Western Australia.
ASIC investigated claims that the olive tree yields published in the prospectus were not the olive tree yields approved for inclusion in the prospectus by an independent olive expert.
The olive tree yield figures form the basis for the calculation of project cash flow and financial projections.
Randell was the company secretary for Olea Australis between October 1, 1999 and January 29, 2001, and the company secretary for Dandaragan Olives Management (DOM) between 30 April 1999 and 29 January 2001.
Olea Australis was the ultimate holding company of DOM, with DOM being the entity responsible for managing the affairs of the Olea Australis project.
Randell is not the first Olea executive to be dragged up on charges, last month executive chairman John Andrew Simpson was also charged with one count of providing false information.
Randell entered a plea of not guilty and will return to court on November 19 for a committal mention date.
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