Superwoman announces legal action against former management
After recently undergoing an internal review, financial services company Superwoman Group is proceeding with legal action against its former senior management with regards to a related party loan amounting to $540,521.
The Superwoman board announced the legal action in an announcement to the Australian Securities Exchange, noting that it was against Colin Grant, former executive chairman and executive director, and David Ross, former chief executive officer.
The company said it had “attempted to resolve matters with Grant and Ross over the past two months", but with no successful outcome.
The internal review came about after majority shareholder Intrasia Capital raised a concern about a related party loan made to FIMA Pty Ltd, a company controlled by Grant’s father and wife.
The FIMA loan was incorrectly reported as a non-related third party loan in an auditor’s report last year. Superwoman corrected this inaccuracy earlier this year and reported that the loan had been repaid in full.
While announcing legal action against its former management, the company also announced further appointments to the board, which recently underwent a reshuffle.
The executive chairman of Intrasia Capital Pty Limited, Graeme Robertson, has been appointed to the role of director and non-executive chairman at Superwoman, while Kim Cannon and Rod Minell will perform the roles of non-executive director and managing director of the company, respectively. Kevin Kehoe has been appointed as company secretary.
Cannon, Minell and Kehoe are members of senior management at an alternative lender of home mortgages, FirstMac Limited.
The chairman, Danny Herceg, and the acting managing director, David Harker, have resigned from the board, effective 9 August 2010.
The Superwoman board thanked "Herceg and Harker for their significant assistance in restructuring the company and securing the bridging loan from Intrasia Capital Pty Limited”.
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