Former Teac chief financial officer, Kenneth Evans, has pleaded guilty to five charges brought against him following an Australian Securities and Investment Commission (ASIC) investigation into that company's business practices.
Evans is charged with two counts of failing to act in good faith in the best interests of Teac Australia; one count of dishonestly using his position as the company's director; one count of falsifying the books; and one count of providing false or misleading information to company auditors. The charges were heard in the Melbourne Magistrates Court.
Four of these stem from a $6 million shortfall in the sale of Teac's Port Melbourne premises to Bay Street Corporation in 2002. The business' sole director was Teac's former managing director, the late Gavin Muir.
A fifth charge relates to providing false or misleading information to auditors about Teac's debtors as at December 31, 2004.
Evans has been released on bail and is due to appear at the Victorian Country Court on December 18.
Evans and Muir were both being pursued by ASIC for offences relating to Teac's business practices. In April, Evans was charged with eight counts under the Corporations Act, while Muir was facing 11 counts including seven counts of failing to act in the best interests of the company and two counts of dishonestly using his position as managing director. Muir passed away in May.
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.