IFC directors found guilty
Two Adelaide residents have been found guilty of 44 charges relating to breaches of the Corporations Act, the Australian Securities and Investments Commission (ASIC) announced yesterday.
Robin Brian Poumako, 59, of Lewsiton, and Ann-Marie Donaldson, 46, of Greenwith, were the former directors of the International Finance Corporation Pty Ltd (IFC).
Poumako and Donaldson were charged over their involvement in fund raising by IFC that did not have ASIC approval.
It was alleged that the two had aided the IFC in making offers and issuing debentures to investors in breach of the Corporations Act.
The charges related to 22 debentures offered and issued to investors who loaned approximately $1.23 million to IFC in 2003.
The issuing of debentures to more than 20 investors of more than $2 million in 12 months is regulated by the Corporations Act.
The act is intended to protect investors and ensure they are fully informed about the risks of the investment.
ASIC found that Poumako and Donaldson raised approximately $3 million from 37 investors in the 12 months prior to the last day of 2003 without complying with the Corporations Act.
In February 2004, ASIC obtained interim orders in the Federal Court preventing IFC, Poumako or Donaldson from continuing to raise funds, and in July 2004 the court wound up the company.
The two will be sentenced in the Adelaide District Court on May 20 for sentencing submissions.
AUTHOR
George Liondis
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