Former Managing Director and former Chief Operating Officer of Hastie Services charged with conspiracy to falsify accounts

Detail

The former director and the former chief operating officer of a subsidiary of the publicly listed company Hastie Group Pty Limited (in external administration) have both been charged with three counts of conspiracy to falsify accounts.

Mr Joseph Carmec Farrugia, the former Director of Hastie Services Pty Limited (in external administration) (Hastie Services) and Mr Ian Athol Thompson, the former Chief Operating Officer of Hastie Services appeared before the Downing Centre Local Court on Tuesday 7 November charged with two charges of conspiracy to falsify the books and records of Hastie Services and one charge of conspiracy to give false or misleading information to an auditor.

ASIC alleges that:

• between 7 November 2008 and about 30 June 2011, Mr Farrugia and Mr Thompson conspired with two other senior staff members of Hastie Services to make false entries into the books of the company to reduce the "gap" between the forecast Earnings Before Interest and Tax (EBIT) and the actual EBIT; and
• between 5 May 2010 and about 13 February 2011, Mr Farrugia and Mr Thompson conspired with two other senior staff members of Hastie Services to make false entries into the books of Hastie Services in order to conceal the true financial position of Hastie Services' Western Australia branch.

Source Link

http://www.asic.gov.au/about-asic/media-centre/find-a-media-release/2017-releases/17-384mr-former-managing-director-and-former-chief-operating-officer-of-hastie-services-charged-with-conspiracy-to-falsify-accounts/