ASIC snares supplier

ASIC snares supplier

Computer supplier Avirnex Communications has been convicted and fined for misleading conduct by the Australian Securities and Investments Commission (ASIC).

ASIC alleged Subramniam Shivapathasundram, also known as Richard Sundram, resigned as director of his company and appointed as his substitute Samy Venkapathy, a fictitious person with a fictitious address.

ASIC contended that the motive for Shivapathasundram's conduct was to avoid liabilities which Avirnex Communications had incurred.

As a result, Shivapathasundram, a computer supplier and Web site designer from Condell Park NSW, is banned from being a director of a company or taking part in the management of a company for a period of five years.

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