ICBC Manager with a Ban by ASIC

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The Australian Securities and Investments Commission (ASIC) has announced that it has deprived Dimitrios (James) Podaridis of the right to run companies for two years after his involvement in two bankrupt companies. Mr Podaridis was a director of A.C.N. Pty Ltd (formerly known as Champion Beverages Pty Ltd and ICBC Capital Pty Ltd. ICBC, which previously held an Australian Financial Services license, provided advisory services, raised capital and traded shares.

ASIC found that Mr Podaridis had breached his record-keeping obligations with respect to both companies. It was also found that he had breached his obligations to act with due care and diligence about ICBC, as he had failed to take an active part in the management of the company or to have taken reasonable steps to monitor the company’s affairs.

The total amount owed to creditors of both companies is estimated at nearly AUD 1.69 million.

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