Landmark conviction
Two former Perth-based directors of Australian publicly-listed companies have been convicted of share warehousing, the first successful share warehousing prosecution in Australia
The District Court of Western Australia convicted Stuart Adrian Corp and Brian Millwood Smith on Friday on 29 charges related to their conduct as directors of Hallmark Gold and Welcome Stranger Mining Company.
Their conviction under the Corporations Act followed an investigation by the Australian Securities and Investments Commission in Australia and overseas into a ‘significant parcel’ of shares in the two former companies.
A jury found Corp and Smith did not disclose a relevant interest in the shares, controlled the shares through the use of offshore entities and used the shares to vote at general meetings of the firms for their financial benefit.
The pair is scheduled to be sentenced on October 11.
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