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Former company secretary and legal adviser charged following ASIC investigation
Three former Irexchange executives, including a former company secretary and legal adviser, have today appeared in the Local Court of NSW, having been charged with breaches of the Corporations Act.
Jerome Doraisamy
Earlier today (Tuesday, 4 March), former chief executive Brett Charlton, former chief financial officer Brett Coventry, and former company secretary and legal adviser Anand Sundaraj appeared in the Downing Centre Local Court charged with breaches of the Corporations Act, following an Australian Securities and Investments Commission (ASIC) investigation.
In a statement, ASIC noted that the trio were executives of Irexchange Limited (IRX), a technology provider that aimed to connect independent retailers and suppliers to manage inventory via a low-cost flow-through fulfilment model. In late 2019, IRX went into external administration.
Charlton and Coventry, the regulator said, were charged with one count of providing false or misleading information to ASIC contrary to section 1308(2) of the act.
Sundaraj, ASIC went on, was charged with two counts of providing false or misleading information to shareholders and the Australian Securities Exchange, respectively, contrary to section 1308(2) of the act, one count of making a false or misleading statement to ASIC contrary to section 1309(1) of the act, and one count of aiding and abetting the offences charged against Charlton and Coventry.
The charges pertain to conduct that allegedly occurred between 20 July 2018 and 14 February 2019 and concern an agreement regarding the shares of the founders of IRX and information about the nature of IRX’s business in the prospectus lodged with ASIC.
Each offence carries a maximum penalty of five years imprisonment or 200 penalty units ($42,000) or both.
The trio are next due to appear before the NSW Local Court on 29 April.
The matter is being prosecuted by the Office of the Director of Public Prosecutions following a referral from ASIC.
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly and HR Leader. He has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. In June 2024, he also assumed the editorship of HR Leader. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of the Minds Count Foundation.
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