A BARGARA businessman has been fined $3000 and disqualified from acting in the management of a corporation for five years after he concealed a debt.
Graeme Edward John Healy was a director of Affordable Finance Facilities Pty Ltd, a motor finance company, that has since been deregistered.
An ASIC investigation found that in May 2014, while the company was under external administration, Mr Healy agreed to repay Affordable Finance Facilities Pty Ltd $6691.90 on behalf of a third party who borrowed the money from the company before it was placed in external administration.
After receiving payments from the third party, Mr Healy failed to pass on the money and subsequently provided false documentation to the administrator claiming the funds had been paid in full.
The decision against Mr Healy was handed down in the Bundaberg Magistrates Court, with the magistrate saying the intentional concealment of funds was an act of dishonesty.
ASIC commissioner John Price said the matter came to ASIC's attention as a result of reports lodged by the administrators.
"ASIC values the detailed investigations into a company's affairs that are made by external administrators and this prosecution would not have been possible without that work," Mr Price said.