Former Teac CFO charged under Corporations Act

Former Teac CFO charged under Corporations Act

CFO is the second person charged for dodgy company practices

The former chief financial officer of Teac Australia, Kenneth Evans, has become the second man charged by the Australian Securities and Investments Commission (ASIC) for offences relating to that company's business practices.

Evans has been charged with eight counts under the Corporations Act. The announcement follows the arrest and charging of his former colleague and managing director of Teac Australia, Gavin Muir, on March 30 for 11 counts under the Corporations Act.

Evans faces six counts of failing to act in good faith in the best interests of Teac Australia, one count of dishonestly using his position as a director of that company, and one count of falsifying company books. The charges stem from a $6 million shortfall reported after the sale of Teac's Port Melbourne premises to Muir's private company, Bay St Corporation.

A committal mention date has been set for June 21 in the Melbourne Magistrates Court. According to an ASIC statement, the Commonwealth Director of Public Prosecutions is prosecuting the matter.

Muir is also facing similar charges relating to the sale of the Port Melbourne location. He will also face court on June 21. Muir voluntarily presented himself to police for arrest, last month.

An ASIC spokesperson refused to comment on whether it was pursuing action against other individuals relating to Teac's former business practices.

Teac Australia was sold to Singaporean interests in 2007 after entering administration in 2005. Deloitte Touche Tohmatsu was appointed to look after the interests of Teac's local unsecured creditors, who were said to be owed more than $80 million.

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